Question 342 pts
May and Jun are partners with profit and loss ratio of 50:50 and capital balances of ₱5,400,000 and ₱6,300,000, respectively. On June 09, 2022, Julie was admitted into the partnership by investing ₱8,100,000 for a 30% of the total partnership capitalization.
How much is May’s new capital after the admission of Julie?
Question 352 pts
May and Jun are partners who have capital balances of P1,000,000 and P800,000 and share profits 60:40 respectively. They agreed to admit Julie as a partner upon her contribution of P600,000. One-fourth of the capital balances of the old partners were transferred to the new partner Julie with May and Jun dividing the cash between themselves.
How much is the total amount of cash received by May from Julie upon her admission as partner in the partnership?
Question 362 pts
In the MJ Partnership, May’s capital is P140,000 and Jun's capital is P40,000. They share income in a 3:1 ratio, respectively. They decided to admit Julie to the partnership. May and Jun agreed that some of the inventory amounting to P20,000 is obsolete. The inventory account is decreased before Julie was admitted. Julie invests P40,000 for a one-fifth interest in the partnership capitalization.
What is the capital balance of Jun after Julie was admitted in the partnership?