CORKI and DARIUS doctors who agreed to share profits and losses in the ratio of 60% and 40%,respectively. On April 1, 2021, their capital accounts were as follows: CORKI has P2,800,000 while DARIUS has P2,400,000. The two doctors agreed also to admit DRAVEN as a partner with a 1/3 interest in the capital and profits uponhis investment of P2,000,000. All partners assets and liabilities are fairlyvalued at the time of admission of DRAVEN. At amount is the capital balance of CORKI after the admission of DRAVEN?

CORKI and DARIUS doctors who agreed to share profits and losses in the ratio of 60% and 40%,respectively. On April 1, 2021, their capital accounts were as follows: CORKI has P2,800,000 while DARIUS has P2,400,000. The two doctors agreed also to admit DRAVEN as a partner with a 1/3 interest in the capital and profits uponhis investment of P2,000,000. All partners assets and liabilities are fairlyvalued at the time of admission of DRAVEN. At amount is the capital balance of CORKI after the admission of DRAVEN?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter15: Partnership Accounting

Section: Chapter Questions

Problem 1PA: The partnership of Tatum and Brook shares profits and losses in a 60:40 ratio respectively after...

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