How much is the total equity of the partnership immediately after the admission of C?
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I need a complete solution to this problem in good accounting form. Correct answer is 1,800,000.
A and B are partners with the following capital balances and profit-sharing percentages: A (40%) ₱750,000 and B (60%) ₱1,050,000. A and B admitted C into the
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- A and B are partners with the following capital balances and profit-sharing percentages: A (40%) ₱750,000 and B (60%) ₱1,050,000. A and B admitted C into the partnership when C purchased 20% of the capital interests of A and B for ₱400,000. The partnership’s net assets on C’s admission date were fairly valued. How much is the total equity of the partnership immediately after the admission of C?Use the data below for the following questions. Partners A and B had the following profit-sharing percentages and capital balances: A (40%) ₱300,000 and B (60%) ₱500,000. C was admitted to the partnership when he purchased half of A’s capital interest for ₱200,000. How much is A’s capital balance after the admission of C? A. 125,000 B. 150,000 C. 200,000 D. 100,000 C was admitted to the partnership when he purchased 20% of A’s and B’s capital interests for ₱200,000. If the book value method was used to record C’s admission, how much would be the capital balance of A after C’s admission? A. 180,000 B. 280,000 C, 240,000 D. 220,000 C was admitted to the partnership when he invested ₱150,000 cash for a 20% interest in the partnership. The partnership’s net assets are fairly valued on C’s admission date. The partners used the bonus method to record C’s admission. How much is the capital balance of A…Smith, Wong, and Krishnan form a partnership. Smith contributes RM180,000, Wong contributes RM150,000, and Krishnan contributes RM270,000. Their partnership agreement calls for the income or loss division to be based on the ratio of capital invested. If the partnership reports income of RM175,000 for its first year, what amount of income is credited to Smith's capital account? A. RM78,750 B. RM58,333 C. RM 52,500 D. RM 43,750
- 2. A and B agreed to form a partnership. A shall contribute ₱80,000 cash while B shall contribute ₱200,000 cash. However due to the expertise that A will be bringing to the partnership, the partners agreed that they should initially have equal interests in the partnership capital. After recording the partners’ contributions, A’s capital account should have a balance ofA, B, C and E are partners. They contributed to the capital as follows: A-P50,000; B-P100,000; C-P150,000; and E as the industrial partner, his services. The partnership obligation to outsiders exceeds the total net assets by P200,000. Who and by how much will the partners be liable for the payment of the P200,000? a. A-zero; B- zero; C-zero; E-zero b. A- P33,333; B-P66,666;C-P100,000;E-zero c. A-P45,000; B-P45,000; C-P55,000; E- P55,000 d. A-P50,000; B-P50,000; C-P50,500; E-P50,000North invested RM40,000 in the partnership of West and East. The capital balance of West and East were RM40,000 and RM60,000, respectively. Income and loss is shared according to the ratio of equity balances. North was to receive 25% interest in the new partnership. The journal entry to record this transaction would NOT include: A. a debit to cash for RM40,000 B. a credit to West's capital account for RM2,000 C. a credit to East's capital account for RM3,000 D. a credit to North's capital account for RM30,000
- 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, P70,000Magdaraog and Mercado are partners in Magdaraog and Mercado Partnership with capital balances of P550,000 and P350,000, respectively; they share income and loss in the ratio 1:3, respectively. The partners are considering the admission of San Pedro. Required: (Show your solutions) Prepare the entries to record the admission of San Pedro under each of the following independent situations: San Pedro invested P100,000 cash in the partnership for a one-tenth interest. The net assets of the partnership are fairly valued. San Pedro invested P140,000 cash in the partnership for a one-eight interest. Assets of the partnership are fairly valued except for equipment, which is undervalued by P80,000. Net assets of the partnership are to be revalued and San Pedro is to be admitted. San Pedro is to receive a one-tenth interest in the partnership upon investing P180,000 cash. Net assets of the partnership are fairly valued. San Pedro is to be admitted using the bonus method. San Pedro is to…The following are the capital account balances and profit and loss ratios of the partners in AB Partnership as of Jan. 1, 20x1: Capital accounts Profit & loss ratios A, Capital 600,000 40% B, Capital 1,000,000 60% 1,600,000 On Jan. 1, 20x1, C was admitted into the partnership when he invested equipment with a historical cost of ₱400,000 and fair value of ₱320,000 for a 20% interest. The net assets of the partnership as of this date approximate their fair values. If the bonus method is used to record the admission of C, how much would be credited to C's capital account?
- Cyril and James formed a partnership on January 1, 20x1 by contributing P1,600,000 and P2,400,000, respectively. As of January 1, 20x2, their partnership capital was P1,800,000, and P2,200,000 respectively. Situations: A. No profit-sharing agreement B. No loss-sharing agreement C. Profit is divided equally D. Loss is divided 30:70, respectively Required: Compute the share of Cyril and James assuming: P800,000 profit Cyril P800,000 loss Cyril Situational Cases James James 1. A and B (1) (2) (3) (4) (5) (6) (7) (8) 2. B and C 3. A and D 4. C and DAfter 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.On July 1, 20X2, Cua, Wicas, and Suico organized a partnership. Wicas contributed cash amounting to P600,000 and Suico contributed cash of P300,000 and machinery with a carrying amount of P250,000, the historical cost of P600,000, and market value of P475,000. Cua, on the other hand, was admitted to the partnership for the services that she will provide. It was stipulated in the Articles of the Partnership that Cua, Wicas, and Suico will share the profit and loss in the ratio of 3:5:2. Moreover, it was also stipulated that when Cua and Wicas become personally insolvent upon winding up, Suico will also absorb the loss of the partnership. Are the stipulations valid? Justify your answer in no more than five (5) sentences.
