Homework Help is Here – Start Your Trial Now!
Business
Accounting
itude Realty Partnership gas, Sunget, and Pabebe are partners in Attitude Realty company. Their capital balances as at July 31, 2020, are as follows Angas, Capital: 450,000; Sunget, Capital: 150,000 ; Pabebe, Capital: 300,000 ch partner has agreed to admit Pabida to the partnership. quired: Prepare the entries to record the dissolution event of the partnership under each of the following conditions: a) Pabida paid Angas P125,000 for 20% of Angas interest in the partnership. b) Pabida invested P200,000 cash in the partnership and received an interest equal to his investment. c) Pabida invested P300,000 cash in the partnership for a 20% interest in the business. A bonus is to be recorded for the original partners on the basis of their capital balances.

itude Realty Partnership gas, Sunget, and Pabebe are partners in Attitude Realty company. Their capital balances as at July 31, 2020, are as follows Angas, Capital: 450,000; Sunget, Capital: 150,000 ; Pabebe, Capital: 300,000 ch partner has agreed to admit Pabida to the partnership. quired: Prepare the entries to record the dissolution event of the partnership under each of the following conditions: a) Pabida paid Angas P125,000 for 20% of Angas interest in the partnership. b) Pabida invested P200,000 cash in the partnership and received an interest equal to his investment. c) Pabida invested P300,000 cash in the partnership for a 20% interest in the business. A bonus is to be recorded for the original partners on the basis of their capital balances.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
100%
answer letter a, b, and c. please include a solution/explanation. thank you!
Attitude Realty Partnership Angas, Sunget, and Pabebe are partners in Attitude Realty company. Their capital balances as at July 31, 2020, are as follows: Angas, Capital: 450,000; Sunget, Capital: 150,000 ; Pabebe, Capital: 300,000 Each partner has agreed to admit Pabida to the partnership. Required: Prepare the entries to record the dissolution event of the partnership under each of the following conditions: a) Pabida paid Angas P125,000 for 20% of Angas interest in the partnership. b) Pabida invested P200,000 cash in the partnership and received an interest equal to his investment. c) Pabida invested P300,000 cash in the partnership for a 20% interest in the business. A bonus is to be recorded for the original partners on the basis of their capital balances. d) Pabida invested P300,000 cash in the partnership for a 40% interest in the business. The original partners gave Pabida a bonus according to the ratio of their capital balances on July 31, 2020. e) Angas withdrew from the partnership, taking P525,000. The excess of withdrawn assets over Angas' partnership interest is distributed according to f) Angas withdrew by selling her interest directly to Pabida for P600,000. balances of Capital accounts.
Transcribed Image Text:Attitude Realty Partnership Angas, Sunget, and Pabebe are partners in Attitude Realty company. Their capital balances as at July 31, 2020, are as follows: Angas, Capital: 450,000; Sunget, Capital: 150,000 ; Pabebe, Capital: 300,000 Each partner has agreed to admit Pabida to the partnership. Required: Prepare the entries to record the dissolution event of the partnership under each of the following conditions: a) Pabida paid Angas P125,000 for 20% of Angas interest in the partnership. b) Pabida invested P200,000 cash in the partnership and received an interest equal to his investment. c) Pabida invested P300,000 cash in the partnership for a 20% interest in the business. A bonus is to be recorded for the original partners on the basis of their capital balances. d) Pabida invested P300,000 cash in the partnership for a 40% interest in the business. The original partners gave Pabida a bonus according to the ratio of their capital balances on July 31, 2020. e) Angas withdrew from the partnership, taking P525,000. The excess of withdrawn assets over Angas' partnership interest is distributed according to f) Angas withdrew by selling her interest directly to Pabida for P600,000. balances of Capital accounts.
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS