Question 1. Vann and Jhane capital are P480000 and P520,000 respectively. Profit sharing ratio is 4:6. Tin invested P500,000 for a 30% interest in the partnership. What is the capital of Vann after admitting Tin? Question 2. In the AD partnership, Adam's capital is Php140,000 and David's is Php40,000 and they share income in a 3:1 ratio, respectively. They decide to admit David2 to the partnership. David2 invests Php40,000 for a one-fifth interest in the total capital of Php220,000. What is the journal to record David's2 admission into the partnership? Question 3: In the AD partnership, Adam's capital is Php140,000 and David's is Php40,000 and they share income in a 3:1 ratio, respectively. They decide to admit David2 to the partnership. David2 invests Php40,000 for a one-fifth interest in the total capital of Php220,000. What are the capital balances of David2 after being admitted into the partnership? Question 4: In the AD partnership, Adam's capital is Php140,000 and David's is Php40,000 and they share income in a 3:1 ratio, respectively. They decide to admit David2 to the partnership. Assume that David2 invests Php50,000 for a one-fourth interest. Goodwill is to be recorded. The journal to record David's admission into the partnership will include: Question 5: In the AD partnership, Adam's capital is Php140,000 and David's is Php40,000 and they share income in a 3:1 ratio, respectively. They decide to admit David2 to the partnership. David2 invests Php50,000 for a one-fifth interest. What amount of goodwill will be recorded? Question 6: In the AD partnership, Adam's capital is Php140,000 and David's is Php40,000 and they share income in a 3:1 ratio, respectively. They decide to admit David2 to the partnership. Adam and David agree that some of the inventory is obsolete. The inventory account is decreased before David2 is admitted. David invests Php40,000 for a one-fifth interest. What is the amount of inventory written down? Question 7. In the AD partnership, Adam's capital is Php140,000 and David's is Php40,000 and they share income in a 3:1 ratio, respectively. They decide to admit David2 to the partnership. David2 invests Php40,000 for a one-fifth interest in the total capital of Php220,000. What are the capital balances of Adam after David2 is admitted into the partnership? Question 8: In the JAC partnership, Jay's capital is Php80,000, Antz's is Php75,000, and Chris's is Php50,000. They share income in a 3:2:1 ratio, respectively. Chris is retiring from the partnership.Chris is paid Php60,000, and no goodwill is recorded. What is the Jay's capital balance after Chris withdraws from the partnership? Question 9. Mark, Matthew and John are partners with capital balances of P448,000, P1,560,000 and P680,000 respectively, sharing profit and losses of 6:4:2. Luke is admitted as a new partner bringing with him expertise and is to invest cash for a 25% interest in the partnership, which includes a credit of P 420,000 bonus upon his admission.How much should be credited to Luke capital? Question 10. Partners Thessa and Minnie capital are 480,000 and 520,000 respectively. They share profit and loss equally in their merchandising business. After admitting Nikki, they agreed to have a total capital of P 2,500,000. The new partner invested P 500,000 for 30% interest in the business. How much is the amount of Bonus to or (from) Minnie? Question 11.Partners Thessa and Minnie capital are 480,000 and 520,000 respectively. They share profit and loss equally in their merchandising business. After admitting Nikki, they agreed to have a total capital of P 2,500,000. The new partner invested P 500,000 for 30% interest in the business. What is the capital of Thessa after admitting Nikki? Question 12. Ella and Felise's capital are 600,000 and 480,000 respectively Profit Share Ratio 7:3. Therese directly purchased a 1/3 interest by paying Ella 195,000 and Felise 225,000. The land account is increased by 180,000 before Therese is accepted.What is the capital of Felise after admitting Therese? Question 13.Ella and Felise's capital are 600,000 and 480,000 respectively Profit Share Ratio 7:3. Therese directly purchased a 1/3 interest by paying Ella 195,000 and Felise 225,000. The land account is increased by 180,000 before Therese is accepted.What is the capital of Ella after admitting Therese?

Question 1. Vann and Jhane capital are P480000 and P520,000 respectively. Profit sharing ratio is 4:6. Tin invested P500,000 for a 30% interest in the partnership. What is the capital of Vann after admitting Tin? Question 2. In the AD partnership, Adam's capital is Php140,000 and David's is Php40,000 and they share income in a 3:1 ratio, respectively. They decide to admit David2 to the partnership. David2 invests Php40,000 for a one-fifth interest in the total capital of Php220,000. What is the journal to record David's2 admission into the partnership? Question 3: In the AD partnership, Adam's capital is Php140,000 and David's is Php40,000 and they share income in a 3:1 ratio, respectively. They decide to admit David2 to the partnership. David2 invests Php40,000 for a one-fifth interest in the total capital of Php220,000. What are the capital balances of David2 after being admitted into the partnership? Question 4: In the AD partnership, Adam's capital is Php140,000 and David's is Php40,000 and they share income in a 3:1 ratio, respectively. They decide to admit David2 to the partnership. Assume that David2 invests Php50,000 for a one-fourth interest. Goodwill is to be recorded. The journal to record David's admission into the partnership will include: Question 5: In the AD partnership, Adam's capital is Php140,000 and David's is Php40,000 and they share income in a 3:1 ratio, respectively. They decide to admit David2 to the partnership. David2 invests Php50,000 for a one-fifth interest. What amount of goodwill will be recorded? Question 6: In the AD partnership, Adam's capital is Php140,000 and David's is Php40,000 and they share income in a 3:1 ratio, respectively. They decide to admit David2 to the partnership. Adam and David agree that some of the inventory is obsolete. The inventory account is decreased before David2 is admitted. David invests Php40,000 for a one-fifth interest. What is the amount of inventory written down? Question 7. In the AD partnership, Adam's capital is Php140,000 and David's is Php40,000 and they share income in a 3:1 ratio, respectively. They decide to admit David2 to the partnership. David2 invests Php40,000 for a one-fifth interest in the total capital of Php220,000. What are the capital balances of Adam after David2 is admitted into the partnership? Question 8: In the JAC partnership, Jay's capital is Php80,000, Antz's is Php75,000, and Chris's is Php50,000. They share income in a 3:2:1 ratio, respectively. Chris is retiring from the partnership.Chris is paid Php60,000, and no goodwill is recorded. What is the Jay's capital balance after Chris withdraws from the partnership? Question 9. Mark, Matthew and John are partners with capital balances of P448,000, P1,560,000 and P680,000 respectively, sharing profit and losses of 6:4:2. Luke is admitted as a new partner bringing with him expertise and is to invest cash for a 25% interest in the partnership, which includes a credit of P 420,000 bonus upon his admission.How much should be credited to Luke capital? Question 10. Partners Thessa and Minnie capital are 480,000 and 520,000 respectively. They share profit and loss equally in their merchandising business. After admitting Nikki, they agreed to have a total capital of P 2,500,000. The new partner invested P 500,000 for 30% interest in the business. How much is the amount of Bonus to or (from) Minnie? Question 11.Partners Thessa and Minnie capital are 480,000 and 520,000 respectively. They share profit and loss equally in their merchandising business. After admitting Nikki, they agreed to have a total capital of P 2,500,000. The new partner invested P 500,000 for 30% interest in the business. What is the capital of Thessa after admitting Nikki? Question 12. Ella and Felise's capital are 600,000 and 480,000 respectively Profit Share Ratio 7:3. Therese directly purchased a 1/3 interest by paying Ella 195,000 and Felise 225,000. The land account is increased by 180,000 before Therese is accepted.What is the capital of Felise after admitting Therese? Question 13.Ella and Felise's capital are 600,000 and 480,000 respectively Profit Share Ratio 7:3. Therese directly purchased a 1/3 interest by paying Ella 195,000 and Felise 225,000. The land account is increased by 180,000 before Therese is accepted.What is the capital of Ella after admitting Therese?

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter6: Losses And Loss Limitations

Section: Chapter Questions

Problem 20P

See similar textbooks

Related questions

Question

Question 2. In the AD partnership, Adam's capital is Php140,000 and David's is Php40,000 and they share income in a 3:1 ratio, respectively. They decide to admit David2 to the partnership. David2 invests Php40,000 for a one-fifth interest in the total capital of Php220,000. What is the journal to record David's2 admission into the partnership?

Question 3: In the AD partnership, Adam's capital is Php140,000 and David's is Php40,000 and they share income in a 3:1 ratio, respectively. They decide to admit David2 to the partnership. David2 invests Php40,000 for a one-fifth interest in the total capital of Php220,000. What are the capital balances of David2 after being admitted into the partnership?

Question 4: In the AD partnership, Adam's capital is Php140,000 and David's is Php40,000 and they share income in a 3:1 ratio, respectively. They decide to admit David2 to the partnership. Assume that David2 invests Php50,000 for a one-fourth interest. Goodwill is to be recorded. The journal to record David's admission into the partnership will include:

Question 5: In the AD partnership, Adam's capital is Php140,000 and David's is Php40,000 and they share income in a 3:1 ratio, respectively. They decide to admit David2 to the partnership. David2 invests Php50,000 for a one-fifth interest. What amount of goodwill will be recorded?

Question 6: In the AD partnership, Adam's capital is Php140,000 and David's is Php40,000 and they share income in a 3:1 ratio, respectively. They decide to admit David2 to the partnership. Adam and David agree that some of the inventory is obsolete. The inventory account is decreased before David2 is admitted. David invests Php40,000 for a one-fifth interest. What is the amount of inventory written down?

Question 7. In the AD partnership, Adam's capital is Php140,000 and David's is Php40,000 and they share income in a 3:1 ratio, respectively. They decide to admit David2 to the partnership. David2 invests Php40,000 for a one-fifth interest in the total capital of Php220,000. What are the capital balances of Adam after David2 is admitted into the partnership?

Question 8: In the JAC partnership, Jay's capital is Php80,000, Antz's is Php75,000, and Chris's is Php50,000. They share income in a 3:2:1 ratio, respectively. Chris is retiring from the partnership.Chris is paid Php60,000, and no goodwill is recorded. What is the Jay's capital balance after Chris withdraws from the partnership?

Question 9. Mark, Matthew and John are partners with capital balances of P448,000, P1,560,000 and P680,000 respectively, sharing profit and losses of 6:4:2. Luke is admitted as a new partner bringing with him expertise and is to invest cash for a 25% interest in the partnership, which includes a credit of P 420,000 bonus upon his admission.
How much should be credited to Luke capital?

Question 10. Partners Thessa and Minnie capital are 480,000 and 520,000 respectively. They share profit and loss equally in their merchandising business. After admitting Nikki, they agreed to have a total capital of P 2,500,000. The new partner invested P 500,000 for 30% interest in the business. How much is the amount of Bonus to or (from) Minnie?

Question 11.Partners Thessa and Minnie capital are 480,000 and 520,000 respectively. They share profit and loss equally in their merchandising business. After admitting Nikki, they agreed to have a total capital of P 2,500,000. The new partner invested P 500,000 for 30% interest in the business. What is the capital of Thessa after admitting Nikki?

Question 12. Ella and Felise's capital are 600,000 and 480,000 respectively Profit Share Ratio 7:3. Therese directly purchased a 1/3 interest by paying Ella 195,000 and Felise 225,000. The land account is increased by 180,000 before Therese is accepted.What is the capital of Felise after admitting Therese?

Question 13.Ella and Felise's capital are 600,000 and 480,000 respectively Profit Share Ratio 7:3. Therese directly purchased a 1/3 interest by paying Ella 195,000 and Felise 225,000. The land account is increased by 180,000 before Therese is accepted.What is the capital of Ella after admitting Therese?

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here