16. Ragnell and Alondite are partners sharing profits in the ratio of 3:2, respectively. On January 1, Ragnell and Alondite decided to admit Altina as a new partner upon her investment of P8,000. On this date, their interest in the partnership is Ragnell, P11,500, and Alondite, P9,300. Assuming that the new partner is given a 1/3 interest in the firm, the new capital balances of Ragnell, Alondite, and Altina, respectively, would be

16. Ragnell and Alondite are partners sharing profits in the ratio of 3:2, respectively. On January 1, Ragnell and Alondite decided to admit Altina as a new partner upon her investment of P8,000. On this date, their interest in the partnership is Ragnell, P11,500, and Alondite, P9,300. Assuming that the new partner is given a 1/3 interest in the firm, the new capital balances of Ragnell, Alondite, and Altina, respectively, would be

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter15: Partnership Accounting

Section: Chapter Questions

Problem 3EA: The partnership of Tasha and Bill shares profits and losses in a 50:50 ratio, and the partners have...

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The partnership of Tatum and Brook shares profits and losses in a 60:40 ratio respectively after Tatum receives a 10,000 salary and Brook receives a 15,000 salary. Prepare a schedule showing how the profit and loss should be divided, assuming the profit or loss for the year is: A. $40,000 B. $25,000 C. ($5,000) In addition, show the resulting entries to each partners capital account. Tatums capital account balance is $50,000 and Brooks is $60,000.
The partnership of Tasha and Bill shares profits and losses in a 50:50 ratio, and the partners have capital balances of $45,000 each. Prepare a schedule showing how the bonus should be divided if Ashanti joins the partnership with a $60,000 investment. The partners new agreement will share profit and loss in a 1:3 ratio.
Arun and Margot want to admit Tammy as a third partner for their partnership. Their capital balances prior to Tammys admission are $50,000 each. Prepare a schedule showing how the bonus should be divided among the three, assuming the profit or loss agreement will be 1:3 once Tammy has been admitted and her contribution is: A. $20,000 B. $80,000 C. $50,000. In addition, show the resulting journal entries to each of the three partners capital accounts.
Calvin and Klein are partners sharing profits 60% and 40%. On January 1, they decided to admit Versace as a new partner upon his investment of P 8,000. On this date, their interest in the partnership are as follows: Calvin-P 11,500; Klein-P 9,300. assuming that the new partner is given a one-third interest in the firm, with bonus allowed to the new partner, how much is the new capital balance of Calvin?
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