question archive Lorie Ann and Bernadette contributed P24,000 and P48,000, respectively to form a partnership and the agreed to share profits in the ratio 1:2 respectively
Lorie Ann and Bernadette contributed P24,000 and P48,000, respectively to form a partnership and the agreed to share profits in the ratio 1:2 respectively
Subject:AccountingPrice: Bought3
Lorie Ann and Bernadette contributed P24,000 and P48,000, respectively to form a partnership and the agreed to share profits in the ratio 1:2 respectively. During the first year of operations, profit amounted to P16,290; Lorie Ann withdrew P5,050 and Bernadette P8,000. Rose is admitted as a new partner to receive 25% interest in the partnership upon payment of P30,000 to Lorie Ann and Bernadette. If the capital balances of Lorie Ann and Bernadette conform to their profit and loss ratio after the admission of Rose, how much from the P30,000 paid will be received by Lorie Ann?
