Reference no: EM132998761
Question - Ally, Bianca, Cathy are partners sharing profits and losses of 5:3:2, respectively. As of January 31, 2018, capital balances were P99,750 for Ally; P84,000 for Bianca and P63,000 for Cathy. On February 1, 2018, they admitted Danni as a new partner in the following conditions:
Danni will contribute P84,000 in cash to the partnership and also pay P10,500 for 15% of Bianca's share.
Danni will be given a 20% share in profits, while the original partners' share will be proportionately the same as before. After the admission of Danni, the total capital of the partnership will be P346,500, and Danni's capital will be P73,500.
How much is the Asset Revaluation?
How much is the amount of Bonus?
Capital of Cathy after admission?
What is the new P&L ratio of Ally?
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