Chanel's interest in the partnership is P 110,000. Chloe buys Chanel's interest for P 120,000. How much is the capital balance of Chloe after the purchase?*
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- Anna and Ben formed a partnership with investments of P1,000,000 and P500,000, respectively. Net income is P210,000. The partners agreed on the following: 10% interest on original investments . Anna's salary allowance of 120,000 and Ben's salary allowance of P144,000 Balance 1:2 between Anna and Ben, respectively ● How much is Anna's share in the net income?Collado's interest in the partnership is P110,000. Cuervo buys Collado's interest for P120,000. How much is the capital balance of Cuervo after the purchase?How much was the bonus debited or credited in partner Bruce's capital account? * Bruce, Parker and May formed a partnership. Their capital balances showed the following: Bruce, Capital- P252,000; Parker, Capital- P126,000; May, Capital- P42,000. Their profit and loss ratio are 6:3:1. The partners decide to sell 20 percent of their interest to Violet for a total payment of P120,000. Violet will pay the money directly to the other partners.
- Elsa and Perla form a new partnership. Elsa invests P 300, 000 in cash for her 60% interest in the capital and profits of the business. Perla contributes land that has an original cost of P 40, 000 and a fair market value of P 70, 000 and a building that has a tax basis of P 50, 000 and a fair market value of P 90, 000. The building is subject to a P 40, 000 mortgage that the partnership will assume. What amount of cash should Perla contribute? * •110, 000 • 80, 000 O : 150, 000 O :40, 000Bruce, Parker and May formed a partnership. Their capital balances showed the following: Bruce, Capital P252,000; Parker, Capital- P126,000; May, Capital- P42,000. Their profit and loss ratio are 6:3:1. The partners decide to sell 20 percent of their interest to Violet for a total payment of P120,000. Violet will pay the money directly to the other partners. How much was the bonus debited or credited in paetner Bruce's capital accounts?Marcee and Rebecca are partners. Marcee has a capital balance of $50,000 and Rebecca has a capital balance of $35,000. Rebecca sells $15,000 of her ownership to Jason. Which of the following is true of the journal entry to admit Jason? A Rebecca, Capital will be credited for $15,000 B Jason, Capital will be debited for $20,000 C Jason, Capital will be credited for $15,000 D Rebecca, Capital will be debited for $20,000
- Alex and Brix are partners. A salary of P 50,000 is given to Alex and balance shall be divided equally. Assuming that profit is P 20,000, how much will Alex receive as share in the profit?H. Marc, Jacobs and Benetton share profits in the ratio 2:3:5. On September 30O, Partner Benetton opted to retire from the partnership. The capital balances on this date are the following: Marc-P50,000; Jacobs-P 80,000; Benetton-P 70,000. How much Marc assuming Benetton is paid P 78,000 in full settlement of his interest? Use Bonus method. to be debited fromBruce, Parker and May formed a partnership. Their capital balances showed the following. Bruce Capital P252,000; Parker, Capital-P126,000; May, Capital-P42,000. Their profit and loss ratio are 6:3:1. The partners decide to sell 20 percent of their interest to Violet for a total payment of P120,000 Violet will pay the money directly to the other partners. How much was the bonus debited or credited in partner Bruce’s capital account?
- Blake and Ryan form the Poole Partnership. Blake contributes cash of $15,000. Ryan contributes land with an adjusted basis of $10,000 and a fair market value of $21,000. The land is subject to a $6,000 mortgage that Poole assumes. Blake and Ryan both receive a 50 percent interest in Poole. What is Ryan's recognized gain or loss on the contribution? a.$11,000 loss b.$5,000 gain c.$16,000 gain d.$4,000 loss e.None of these choices are correct.Partners X, Y and Z have capital balances capital balances in a partnership of P140,000, P60,000 and P1,800,000. The operations for the year resulted in a loss of P240,000. What will Y’s capital be if X gets a P280,000 salary, Y gets a P100,000 salary and Z gets a 10% interest on her beginning capital balance, with the remaining being divided at a 1:1:2 ratio? (POSITIVE FOR CREDIT BALANCE and NEGATIVE () or "-" FOR DEBIT BALANCE)Samuel and Darci are partners. The partnership capital for Samuel is $50,000 and for Darci is $60,000. Josh is admitted as a new partner by investing $50,000 cash. Josh is given a 20% interest in retum for his investment. The amount of the bonus to the old partners is a. $8,000 b. $18,000 c. $0 d. $10,000