Du-sik joins the partnership of Hye- Jin and Gam-ri by paying P30,000 in cash. If the net assets of the partnership are still the same amount after Du-sik has been admitted as a partner, then Du-sik * must have been admitted by investment of assets. must have been admitted by purchase of a partner's interest. must have received a bonus upon being admitted. could have been admitted by an investment of assets or by a purchase of a partner's interest.
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- Jake desires to invest P 200,000 for X capital and profit and loss interest in the partnership of Kim and Lim, who at that time had capital balances of P 200,000 and P300,000, respectively. Profit and loss ratio of the partners before the admission was 6:4. If a positive asset revaluation is to be recorded, what are the capital balances of Kim, Lim and Jake? Kim Lim JakeAfter the tangible assets have been adjusted to fair values, the capital accounts of Rey Refozar and Rogelio Ceradoy have balances of P75,000 and P125,000, respectively. Jiexel Manongsong is to be admitted to the partnership, contributing P50,000 cash to the partnership, for which he is to recieve an equity of P65,000. All partners share equally in profit. Required: 1. Prepare the journal entry to record the admission of Manongsong who is to recieve a bonus of P15,000. 2. Calculate the capital balances of each partners after the admission of the new partner.Anthony is investing in a partnership with Joseph. Anthony contributes equipment that originally cost $43000, has a book value of $20900, and a fair value of $25400. The entry that the partnership makes to record Anthony's initial contribution includes a O debit to Equipment for $22100. ○ credit to Accumulated Depreciation for $22100. O debit to Equipment for $43000. O debit to Equipment for $25400.
- After the tangible assets have been adjusted to fair values, the capital accounts of Rey Refozar and Rogelio Ceradoy have balances of P75,000 and P125,000, respectively. Bexel Manongsong is to be admitted to the partnership, contributing P50,000 cash to the partnership, for which he is to receive an equity of P65,000. All partners share equally in profit. Required: 1. Prepare the journal entry to record the admission of Manongsong who is to receive a bonus of P15,000. 2. Calculate the capital balances of each partner after the admission of the new partner.X and Y are partners sharing profits 6:4, respectively. Capital accounts as of October 1, 2021 are X-P 560,000; Y-P 480,000. They agree to admit Z as a new partner with an investment of P260,000 for a interest in the partnership and that the assets are fairly valued, what would be the capital of Y after the admission of Z?A, B and C formed a commercial partnership. D represented himself as a partner in the partnership to E who, on the belief of such representation, extended credit of P50,000 to the partnership. Assuming only B and C consented to such representation, who shall be liable to E? a. B, C and D are partners by estoppels and thus, are liable to E? b. Only partners A, B and C are liable to E for the benefit extended to them. c. Only D who made the representation is liable to E. d. All of A, B, C and D are liable because of partnership liability for the credit extended to the partnership by E.
- 2. Hammer and Nail formed a partnership. Hammer contributed equipment with original cost of P370,000 and fair value of P300,000 while Nail contributed cash of P180,000. Hammer and Nail agreed to have a 60:40 interest in the partnership and that their initial capital credits should reflect this fact. A partner's capital account should be increased accordingly by way of additional cash investment. Which of the partners should make an additional investment and by how much? a. Hammer, P20,000 b. Nail, P20,000 c. Hammer, P70,000 d. Nail, P70,000Suppose that Juma and Khamis form a partnership to sell yard equipment. Juma contributes cash of OMR25,000 and office furniture with a cost of OMR15,000, accumulated depreciation of OMR5,000, and a current market value of OMR8,000. The journal entry correctly records Juma's contribution to the partnership would be:A, B and C decided to form a partnership on March 1, 2022. They agree that A will contribute office equipment with a total fair value of P40,000; B will contribute delivery equipment with a fair value of P80,000; and C will contribute cash. If C wants a one- third interest in the capital and profits, he should contribute the cash amounting to:
- D FALCO, D LEVI, D ZEKE formed a partnership on April 1, 2020. They agreed that D FALCO will contribute office equipment with a total fair value of P320,000; D LEVI will contribute delivery equipment with a fair value of P640,000; and D ZEKE will contribute cash. If D ZEKE wants a 1/3 interest in the capital and profits, he should contribute cash in the amount of? Your answer2. Callie is admitted to the Adams & Beal Partnership under the bonus method. Callie contributes cash of P20,000 and non-cash assets with a market value of P30,000 and book value of P15,000 in exchange for a 20% ownership interest in the new partnership. Prior to the admission of Callie, the capital of the existing partnership was P130,000 and an appraisal showed the partnership net assets were fairly stated. What will be Callie's initial capital balance? a. P36,000 b. P50,000 C. P35,000 d. P30,000And B formed a partnership. The partnership agreement stipulates the following:* Annual salary allowances of P100,000 for A and P40,000 for B.* Bonus to A of 10% of the profit after partners' salaries but before deducting the bonus.Case 1: The partnership earned profit of P50,000Requirement: Compute for the respective shares of the partners in the profit.Case 2: The partnership incurred a loss of P20,000.Requirement:a. Compute for the respective shares of the partners in the profit.b. By what amount did A's capital account change?"