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Partners Alma, Bea and Carla share profits and losses 5:3:2, respectively.
The balance sheet at April 30, 2003 follows:
Cash P40,000
Noncash assets 360,000
Total assets P400,000
Accounts payable P100,000
Alma, capital 74,000
Bea, capital 130,000
Carla, capital 96,000
Total equities P400,000
The assets and liabilities are recorded and presented at their respective fair values. Denise is to be admitted as a new partner with a 20% capital interest and a 20% share of profits and losses in exchange for a cash contribution.
Problem 1: If no bonus nor goodwill is to be recorded, how much cash must Denise contribute?
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