How much cash is to be invested by ww

Assignment Help Financial Accounting

Reference no: EM132770102

Problem 1: On May 1, 2015, the capital accounts of XX, YY, and ZZ shows the following balances: XX, P 360,000; YY, P225,000; and ZZ, P135,000. At this time, WW is admitted to the firm when he purchased a one-sixth interest in the firm for P82,500. The old partners equalized their capital investments. Afterwards, all the partners agree to divide profits and losses equally. The new partnership closes its books on July 1, 2015 reporting a profit of P12,600 for two months. The partners made the following withdrawals: XX and ZZ, P750 per month; YY and WW, P1,000 per month. On May 1, 2015, WW invest enough cash to increase his capital to a one-third interest in the partnership. How much cash is to be invested by WW?

A. P20,000

B. P60,333

C. P180,755

D. P181,075

Reference no: EM132770102

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