Ron and Linda are partners who share profits 60% and 40%. Their capital balances were both $90,000 before Kelly was admitted to the partnership. Kelly contributed $120,000 in cash to the partnership for a 30% interest.
Instructions
Compute the capital balances of Ron and Linda after Kelly is admitted to the partnership.

Question

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The Answer of Ron and Linda are partners who share profits 60% and 40%. Their capital balances were both $90,000 before Kelly was admitted to the partnership. Kelly contributed $120,000 in cash to the partnership for a 30% interest.
Instructions
Compute the capital balances of Ron and Linda after Kelly is admitted to the partnership.

Ron and Linda Are Partners Who Share Profits 60% and 40