How much is the value of the note that Mi will get from the partnership?
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Do, Re and Mi are partners with capital balances on December 31, 2008 of P300,000, P300,000 and P200,000, respectively. Profits are shared equally. Mi wishes to withdraw and it is agreed that he is to take certain furniture and fixtures with second-had value of P50,000 and a note for the balance of his interest. The furniture and fixtures are carried on the books at P35,000. Brand new, the furniture and fixtures may cost P80,000.
How much is the value of the note that Mi will get from the
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- Cen, Deng, and Lala are partners with capital balances on 31 December 2021 of P300, 000, P300, 000 and P200, 000, respectively. Profit are shared equally. Lala wishes to withdraw and it is agreed that she is to take certain furniture and fixtires with a second hand value ooof P50, 000 and note for the balance of her interest. The furniture and fixtures are carried in the books at P65, 000. Brand new, the furniture and fixtures may cost P80, 000. Lala’s acquisition of the second furniture will result to:C, D and E are partners with capital balances of ₱300,000 and ₱200,000, respectively, on December 31, 20x1. Profits are shared equally. E wishes to withdraw and it is agreed that she is to take certain furniture and fixtures with second hand value of ₱50,000 and a note for the balance of her interest. The furniture and fixtures are carried in the books at ₱65,000. Brand new, the furniture and fixtures may cost ₱80,000. E’s acquisition of the second-hand furniture will result to: A. Reduction in capital of ₱10,000 for E. B. Reduction in capital of ₱15,000 each for C and D. C. Reduction in capital of ₱5,000 each for C and D and E. D. Reduction in capital of ₱7,500 each for C and D.A and B decided to form a partnership on January 1, 2022. Partner A contributed building which costed him P450,000 in 2017 and computer equipment with a book value of P17.500 and fair market value of P15,000. The building has a recorded accumulated depreciation of P50,000. Partner B, on the other hand, contributed cash equal to the contribution of Partner A. Shortly after the formation of the partnership, the building was sold for P420,000. How much should be recorded as Partner A. Capital in the partnership books?
- On April 15, 2014, John and Greg formed a partnership. John is to invest a certain business asset at value which are yet to be agreed upon. He is to transfer his business liabilities and is to contribute sufficient cash to bring his total capital to P180,000 which is 60% of the total capital as had been agreed upon. Greg agrees to invest cash of P30,000 and merchandise valued at current market price. Details regarding the lok values of John's assets and liabilities and their corresponding valuations are: Вook Agreed values values Accounts receivable P54,000 P54,000 Allowance for bad debts 3,600 6,000 Merchandise inventory 96,600 105,000 27,000 Store equipment Accumulated depreciation-SE Office equipment Accumulated depreciation- OE Accounts payable 27,000 18,000 13,200 18,000 18,000 9,600 4,800 48,000 48,000 The value of merchandise to be invested by Greg? The cash to be invested by John?Cloe, Doe and Lida are partners with capital balances on December 31, 2021 of P300,000, P300,000 and P200,000 respectively. Profits are shared equally. Lida wishes to withdraw and it is agreed that she is to take certain furniture and fixtures with second hand value of P50,000 which are carried on the books at P65,000. Brand new, the furniture and fixtures may cost, P80,000. How much is the value of the note that Lida will get from the partnership’s liquidation?Bob is investing in a partnership with Jerry. Bob contributes equipment that originally cost P63,000, has a book value of P30,000, and a fair market value of P39.000. The entry that the partnership makes to record Bob's initial contribution includes a * O debit to Equipment for P33,000. debit to Equipment for P63,000. debit to Equipment for P39,000 credit to Accumulated Depreciation for P33,000.
- On May 1, 2022, Carlo and Jamie formed a partnership by contributing P500,000 each. In addition to Carlo's cash contribution, he invested furniture and fixtures costing P150,000 but with an agreed value of P80,000. Moreover, Jamie invested land with a fair value of P1,200,000 but with professional appraiser's value of P1,110,000 subject to unpaid mortgage of P250,000. Profit or loss is to be shared equally between the partners. How much will be the total capitalization of the partnership after the investment of Carlo and Jamie?A, B, and C are partners with capital balances on December 31. 200D of P 450,000, P 450,000 and P 300,000, respectively. Profits are shared equally. C wishes to withdraw and it is agreed that he is to take certain furniture and fixtures at their second-hand value of P 18,000 and note for the balance of his interest, The furniture and fixtures are carried on the books as fully depreciated. Brand new, the furniture and fixtures may cost P 30,000. 4.14 0000 REQUIRED: Give the entries necessary to record the withdrawal of C.Griffin and Rhodes formed a partnership on January 1, 2022. Griffin contributed cash of P120,000 and Rhodes contributed land with a fair value of P160.000. The partnership assumed the mortgage on the land which amounted to P40,000 on January 1. Rhodes originally paid P90,000 for the land. On July 31, 2022, the partnership sold the land for P190,000. Assuming Griffin and Rhodes share profits and losses equally, how much of the gain from the sale of land should be credited to Griffin? O 30,000 15,000 O 35,000 12.857 3. Paul and Ray sell instruments through their partnership. To bring in additional funds and expertise, they decide to add Janet to the partnership. Paul's capital is P400,000, Ray's capital is P200,000, and Janet invested P180,000. It was agreed that Janet and Ray will have equal capital balances and Paul will have a 35% capital interest. Using the bonus method, what will be the adjusted capital of Paul? O 273,000 O 300,000 O 253,500 O 260,000
- A, B, C and D are partners, sharing earnings in the ration of 3:4:6:8. The balance of their capital accounts on December 21,2020 are as follows: A- P25,000; B- P625,000; C- P625,000 and D- P225,000. The partners decided to liquidate, and they accordingly convert the non-cash assets into P580,000 of cash. After paying the liabilities amounting to P75,000, they have P555,000 cash available for payment to partners. Assume that a debit balance in any of partner’s capital account is uncollectible. The book value of non-cash assets amounted to: ___Kaede, Itona, and Ritsu are partners with capital balances of P80,000, P200,000, and P120,000, respectively. Profits and losses are shared in a 3:2:1 ratio. Itona decided to withdraw and the partnership revalued its assets. The value of inventory was decreased by P20,000 and the value of land was increased by P50,000. Kaede and Ritsu then agreed to pay Itona P230,000 for his withdrawal from the partnership. Prepare the journal entry to record Itona’s withdrawal under the Bonus method, assuming the revaluation increase or decrease was agreed by all partners to be recognized. Asset revaluation method.A and B are partners with the following contributions: Partner A, P300,000 and Partner B, P200,000. They share in the profit and loss of 40% and 60% respectively. Partner B's capital account had a net decrease of P120,000 during the year 2021. During 2021, B withdrew P350,000 (charged against his capital account) and with additional investment in the form of equipment with a book value of P 90,000 and a fair value of P80,000. Determine the profit/loss of the AB Partnership for the year 2021.