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Question - Pen and May have capital balances of 450,000, and 650,000 as of December 31, 2018. Pen and May share 40% and 60% in the profits and losses. The partners believe that the following assets should be adjusted.
Accounts Receivable
Book Value- 120,000
Market Value- 102,000
Inventory
Book Value- 200,000
Market Value- 258,000
Wen is interested in buying a 40% interest from anyone of the partners.
Required -
a) Entry to record adjustments. Extract the revised capital balances.
b) May is willing to sell 40% of her interest and profit at a price that will earn for her a profit of 15,000. How much will Wen pay?
c) Give the entry to admit Wen for a 40% interest
d) Determine the revised partners' capital after admission
e) For 2019, taxable profit earned was 320,000. Give the profit share of each partner.
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