Apple, Blandy, Cherry, and Debbie are partners sharing profits and losses in the ratio of 40%, 30%, 15%, and 15%. Their capital accounts are P380,000, P560,000, P442,000, and P418,000, respectively. Emma acquires a one-fifth interest in the business by paying the partners a total of P380,000. 1.​Determine the capital balances after the admission of Emma. 2.​Determine the cash distribution to partners assuming that assets are to be revalued prior to the admission of Emma. 3.​Determine the cash distribution to partners assuming that assets are to be revalued prior to the admission of Emma and all partners are to have equal interests in both capital and profits.

Nelson Ellis and Hank Tollis are partners who share profits and losses in the ratio of 40 to 60 percent, respectively. The balances of their capital accounts on December 31, 20X0, are Ellis, $210,000, and Tollis, $230,000. With Tollis's agreement, Ellis sells one-half of his interest in the partnership to Kate Cantu for $160,000 on January 1, 20X1. Required: What will the capital account balances for each of the three partners be after this sale? New Capital Account Balances Beginning balance Transfer of capital New balances Ellis Tollis Cantu

Gerald and Julia are joining their separate business to form a partnership and they agreed to share profits in the manner of 55% for Gerald and 45% for Julia. Property is to be contributed for a total capital of P800,000. The partners agreed to make their capital accounts equal after formation. How much cash must be contributed by each of the partners after they contributed their properties?     Gerald Julia   Book Value Fair Value Book Value Fair Value Accounts Receivable 60,000 60,000 - - Inventories 60,000 90,000 160,000 180,000 Equipment 100,000 80,000 180,000 190,000 Accounts Payable 30,000 30,000 20,000 20,000

Tomas and Saturn are partners who share income in the ratio of 3:1 (3/4 to Tomas and 1/4 to Saturn). Their capital balances are $80,000 and $120,000, respectively. The partnership generated net income of $30,000. What is Saturn's capital balance after closing the revenue and expense accounts to the capital accounts?