Prepare the journal entry(s) for the admission of IU to the partnership assuming IU invested P260,000 for the ownership interest. IU paid the money directly to Romel and to Jennie for 30% of each of their respective capital interests. Use Book value Method. Prepare the journal entry(s) for the admission of IU to the partnership assuming IU invested P320,000 for the ownership interest. IU paid the money to the partnership for a 35% interest in capital and earnings. Use the Bonus Method.
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- The partnership of Tasha and Bill shares profits and losses in a 50:50 ratio, and the partners have capital balances of $45,000 each. Prepare a schedule showing how the bonus should be divided if Ashanti joins the partnership with a $60,000 investment. The partners new agreement will share profit and loss in a 1:3 ratio.The partnership of Magda and Sue shares profits and losses in a 50:50 ratio after Mary receives a $7,000 salary and Sue receives a $6,500 salary. Prepare a schedule showing how the profit and loss should be divided, assuming the profit or loss for the year is: A. $10,000 B. $5,000 C. ($12,000) In addition, show the resulting entries to each partners capital account.2. The capital balances of partners Po and Gi are as follows:Po GiJanuary 1, Beginning P100,000 P200,000June 30, investment 50,000 -September 30, withdrawal - (100,000)Balance P150,000 P100,000Their agreement is to share profit and loss based on average capital balance. How muchis the share of Gi in the partnership’s income of P450,000?
- On December 31, 2030, the Statement of Financial Position of ABC Partnership provided thefollowing data with profit or loss ratio of 1:6:3:Current Assets P2,000,000 Total Liabilities P1,200,000Noncurrent Assets 24,000,000 A, Capital 1,800,000B, Capital 1,600,000C, Capital 1,400,000 On January 1, 2031, D is admitted to the partnership by purchasing 40% of the capital interest ofB at a price of P1,000,000. What is the capital balance of B after the admission of D on January 1, 2031? a. P1,180,000b. P960,000c. P840,000d. P600,000of their respective capital & profit or loss interests for 20.000. RADON will pay the money directly to the other parthers. the admission of RADON under Bonus Method, the partners agreed to adjust their capital balances in proportion to the new Profit & Loss ratio. What are the fapital balances of the Me ma partnership? HELIUM/ (aP 144,000. P 155,200 P 155,200 P 173,200 of cap KRYPTON RADON P 80,000 P 80,000 P 90,000 P 90,000 NEON ARGON P 96,000 P 86,400 P 86,400 P 98,400 P 48,000 P 41,600 P 41,600 P 47,600 P 32,000 P 36,800 P 36,800 :32 P 40,800 31. 20arry & Curly were partners with capital balances on January 2, 2012 of P 78,000, P 50,000 & P44,000 respectively. Their profit ratio is 5:3:2 while their capital interest ratio is 4:4:2. on July 1, 2012, Andy was admitted by the partnership for 26% interest in capital & 20% in profits by contributing P 42,000 cash & the old partners agree to bring their interest to their old capital & profit interest sharing ratio. The partnership had a…On December 31, 2030, the Statement of Financial Position of ABC Partnership provided thefollowing data with profit or loss ratio of 5:1:4:Current Assets P 3,000,000 Total Liabilities P 1,000,000 Noncurrent Assets 4,000,000 A, Capital 2,200,000B, Capital 2,400,000C, Capital 1,400,000 On January 1, 2030, D is admitted to the partnership by investing P1,000,000 to the partnership for 10% capital interest. The total agreed capitalization of the new partnership is P6,000,000. What is the share of A in the asset impairment?a. P240,000b. P160,000c. P300,000d. P500,000
- P and T are in partnership sharing profits and losses in the ratio of 60:40. The partnership agreement provides that interest on partner’s capital account should be allowed at the rate of 10% pa. The following information has been made available for the year ended 31st Dec 2018. Net profit for the year RO 30,500 Partner P Partner T RO RO Capital Accounts on 1st Jan 2018 20,000 15,000 Current Account 1,800(Cr) 3,400 (Dr) Drawings for the year 12,785 18,275 Salary to be credited -- 6,000 Interest on drawings 640 910 You are required to: Prepare Journal Entries Prepare…On January 1, 2020, X and Y have capital balances of P 50.000 and P 100.000. Partner X made monthly withdrawals of P 1,000 while Y made monthly withdrawals of P 1.500. Partners profit and loss agreement were as follows: 1. Annual salaries of P 60.000 for X and P 40.000 for Y 2. 10% interest on beginning capital 3. Remainder are shared equally. If the partnership capital at the end of the year is P225,000, the partnership profit (loss) for the year amounted to Place a parenthesis if net loss.On December 31, 2030, the Statement of Financial Position of ABC Partnership provided thefollowing data with profit or loss ratio of 1:6:3:Current Assets P2,600,000 Total Liabilities P600,000Noncurrent Assets 4,000,000 A, Capital 2,800,000B, Capital 1,400,000C, Capital 1,800,000 On January 1, 2031, D is admitted to the partnership by investing P2,000,000 to the partnership for 20% capital interest. If an existing asset of ABC partnership is not properly valued, what is the capital balanceof B after the admission of D?a. P1,640,000b. P2,600,000c. P1,920,000d. P1,560,000
- The following is the financial position of RST Partnership on December 31 2020 Assets P60,000.00 Other Noncash Assets 70,000.00 Total P130,000.00 Liabilties and Equity Accounts Payable P20,000.00 R, Capital 50,000.00 S, Capital T. Capital (Limited Partner) 35,000.00 25,000.00 P130,000.00 0.00 The Partners' share profit and loss ratio is 2:3:5 respectively. The following are liquidation transactions: February March April Cash Proceeds P10,000.00 P10,000.00 P13,000.00 Books Value of the asset Sold 35,000.00 20,000.00 15,000 00 Liquidation Expenses 5,000.00 6,000.00 3,000.00 Liabilties Paid 10.000.00 5,000.00 5,000.00 Reserve for Future Liquidation Expense 13,000.00 4,000.00 Compute the cash distribution on February S Compute the cash distribution on March f Compute the cash distribution on April R ISOn December 31, 2030, the Statement of Financial Position of ABC Partnership provided the following data with profit or loss ratio of 5:1:4:Current Assets P 3,000,000 Total Liabilities P 1,000,000 Noncurrent Assets 4,000,000 A, Capital 2,200,000B, Capital 2,400,000C, Capital 1,400,000 On January 1, 2030, D is admitted to the partnership by investing P1,000,000 to the partnership for 10% capital interest. The total agreed capitalization of the new partnership is P6,000,000. What is the capital balance of C after the admission of D to the partnership?a. P1,160,000b. P1,6400,000c. P1,000,000d. P1,560,000On December 31, 2030, the Statement of Financial Position of ABC Partnership provided the following data with profit or loss ratio of 1:6:3:Current Assets P2,600,000 , Total Liabilities P 600,000Noncurrent Assets 4,000,000 A, Capital 2,800,000B, Capital 1,400,000C, Capital 1,800,000 On January 1, 2031, D is admitted to the partnership by investing P2,000,000 to the partnership for 20% capital interest. If all the assets of the existing partnership are properly valued, what is the capital balance of C after the admission of D?a. P1,920,000b. P1,800,000c. P1,620,000d. P2,400,000