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What is the capital balance of beng after admission of dong

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Ang, Beng and Ching are partners sharing profits in the ratio of 3:3:2. On June 30, 2020 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 % 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%.

Problem 1: What is the capital balance of Beng after the admission of Dong?

Reference no: EM132683220

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