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What is the capital of ben after jeremiah admission

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Reference no: EM132822998

Renalie and Ben are partners who share profits and losses in the ratio of 6:4, respectively. On June 1, 20X2, their respective capital accounts were as follows:

Renalie - P60,000

Ben - P50,000

On the same date, Jeremiah was admitted as a partner with 1/5 interest in capital and profits for an investment of P40,000.

REQUIRED:

Problem 1: What is the capital of Ben after Jeremiah's admission if the partnership began with a total capital of:

a. P150,000

b. P200,000

Reference no: EM132822998

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