1. Roy and Gil are partners sharing profit and loss in the ratio of 1:2 respectively, On July 1, 2020, they decided accept Miguel into the partnership paying P120,000 for a % interest. The following is the post- closing trial balance of the partnership. Debit Credit 45,000 60,000 90,000 174,000 Cash Accounts Receivable, net Inventory Fixed assets, net Liabilities Roy, Capital Gil, Capital 60,000 94,800 214,200 369,000 Total 369,000 It was agreed that adjustments be made to the following assets on their fair value before the admission of Miguel. Accounts Receivable 40,000 Inventory Fixed assets 68,000 180,600 Required: What is the new capital balances of Roy, Gil and Miguel?
1. Roy and Gil are partners sharing profit and loss in the ratio of 1:2 respectively, On July 1, 2020, they decided accept Miguel into the partnership paying P120,000 for a % interest. The following is the post- closing trial balance of the partnership. Debit Credit 45,000 60,000 90,000 174,000 Cash Accounts Receivable, net Inventory Fixed assets, net Liabilities Roy, Capital Gil, Capital 60,000 94,800 214,200 369,000 Total 369,000 It was agreed that adjustments be made to the following assets on their fair value before the admission of Miguel. Accounts Receivable 40,000 Inventory Fixed assets 68,000 180,600 Required: What is the new capital balances of Roy, Gil and Miguel?
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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Transcribed Image Text:1. Roy and Gil are partners sharing profit and loss in the ratio of 1:2 respectively, On July 1, 2020,
they decided accept Miguel into the partnership paying P120,000 for a % interest. The following
is the post- closing trial balance of the partnership.
Debit
Credit
Cash
45,000
60,000
90,000
Accounts Receivable, net
Inventory
Fixed assets, net
Liabilities
174,000
Roy, Capital
Gil, Capital
Total
60,000
94,800
214,200
369,000
369,000
It was agreed that adjustments be made to the following assets on their fair value before the
admission of Miguel.
Accounts Receivable 40,000
68,000
180,600
Inventory
Fixed assets
Required: What is the new capital balances of Roy, Gil and Miguel?
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