3. A B and C formed a partnership. Their contributions are as follows:ACCash80,00020,000160,000180,000200,000EquipmentTotals80,000200,000Additional information:Although C has contributed the most cash to the partnership, he did not have the full amount ofP200,000 available and was forced to borrow P80,000.The equipment contributed by B has an unpaid mortgage of P40,000, the repayment of which, isassumed by the partnership.The partners agreed to equalize their interest. Cash settlements among the partners are to bemade outside the partnership.Requirementsa Which partner(s) shall receive cash payment from the other partner (s)?b Provide the entry to record the contributions of the partners.4 A and B agreed to form a partnership. The partnership agreement stipulates the followingInitial capital of P280,000A 60:40 interest in the equity of the partnership.A contributed P200,000 cash while B contributed P80,000 cash.Requirement: Which partner should provide additional investment (or withdraw part of hisinvestment) in order to bring the partners' capital credits equal to their respective interests in theequity of the partnership?

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3. AB and C formed a partnership. Their contributions are as follows: C Cash 80,000 20,000 200,000 Equipment Totals 160,000 80,000 180,000 200,000 Additional information: Although C has contributed the most cash to the partnership, he did not have the full amount of P200,000 available and was forced to borrow P80,000. The equipment contributed by B has an unpaid mortgage of P40,000, the repayment of which, is assumed by the partnership. The partners agreed to equalize their interest. Cash settlements among the partners are to be made outside the partnership. Requirements Which partner (s) shall receive cash payment from the other partner (s)? a. b. Provide the entry to record the contributions of the par tners. 4. A and B agreed to form a partnership. The partnership agreement stipulates the following: Initial capital of P280,000. A 60:40 interest in the equity of the partnership. A contributed P200,000 cash while B contributed P80,000 cash. Requirement Which partner should provide additional investment (or withdraw part of his investment) in order to bring the partners' capital credits equal to their respective interests in the equity of the partnership?

3. AB and C formed a partnership. Their contributions are as follows: C Cash 80,000 20,000 200,000 Equipment Totals 160,000 80,000 180,000 200,000 Additional information: Although C has contributed the most cash to the partnership, he did not have the full amount of P200,000 available and was forced to borrow P80,000. The equipment contributed by B has an unpaid mortgage of P40,000, the repayment of which, is assumed by the partnership. The partners agreed to equalize their interest. Cash settlements among the partners are to be made outside the partnership. Requirements Which partner (s) shall receive cash payment from the other partner (s)? a. b. Provide the entry to record the contributions of the par tners. 4. A and B agreed to form a partnership. The partnership agreement stipulates the following: Initial capital of P280,000. A 60:40 interest in the equity of the partnership. A contributed P200,000 cash while B contributed P80,000 cash. Requirement Which partner should provide additional investment (or withdraw part of his investment) in order to bring the partners' capital credits equal to their respective interests in the equity of the partnership?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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A, B and C formed a partnership. Their contributions are as follows: A B CCash 80,000 20,000 200,000Equipment 160,000Totals 80,000 180,000 200,000Additional information:• Although C has contributed the most cash to the partnership, he did not have the full amount of₱200,000 available and was forced to borrow ₱80,000.• The equipment contributed by B has an unpaid mortgage of ₱40,000, the repayment of which isassumed by the partnership.• The partners agreed to equalize their interest. Cash settlements among the partners are to be madeoutside the partnership.13. How much will C receive as cash settlement? ____________14. Prepare simple journal entries to record the partners’ contributions
3 AB and C formed a partnership. Their contributions are as follows A Cash Equipment 80,000 20,000 200,000 160,000 Totals 80.000 180,000 200,000 Additional information • Although C has contributed the most cash to the partnership. he did not have the full amount of P200,000 available and was forced to borrow P80.000. The equipment contributed by B has an unpaid mortgage of P40,000, the repayment of which, is assumed by the partnership The partners agreed to equalize their interest. Cash settlements among the partners are to be made outside the partnership Requirements a Which partner (s) shall receive cash payment trom the other par tner(s? b. Provide the entry to record the contributions of the partners
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