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What are the capital balances of partners after admission

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Problem 1: Ang, Beng and Ching are partners sharing profits in the ratio of 3:3:2. On June 30, 2011 their capital balances are as follows: Ang, P 600,000; Beng, P400,000; and Ching, P300,000. The partners agree to admit Dong on the following agreement: (a) Dong is to pay Ang P400,000 for ½ interest of Ang's interest; (b) Dong is also to invest P300,000 in the partnership; (c) The total capital of the partnership is to be P2,000,000, of which Dong's interest is to be 25%. What are the capital balances of the partners after the admission of Dong?

A. P487,500; P587,500; P425,000

B. P300,000; P400,000; P300,000

C. P400,000; P300,000; P300,000

D. P187,500; P187,500; P125,000

Reference no: EM132808122

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