Romanoff and Barton are partners with capital balances of P60,000 and P70,000. Romanoff has a 30% interest in the partnership profits and losses. At this time, the partnership decided to admit Stark and Rogers as new partners. Stark contributes cash of P165,000 for a 30% interest in the profits and losses and a 20% interest in the capital of the firm. Rogers contributes cash of P20,000 and an equipment for a 35% interest in the profits and losses and a 25% interest in the firm's capital. Barton receive a bonus of P38,325 after the admission of Starks and Rogers.

College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter19: Accounting For Partnerships
Section: Chapter Questions
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Question: How much is the equipment contributed by Rogers? 

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Romanoff and Barton are partners with capital balances of P60,000 and P70,000. Romanoff has a 30%
interest in the partnership profits and losses. At this time, the partnership decided to admit Stark and
Rogers as new partners. Stark contributes cash of P165,000 for a 30% interest in the profits and losses
and a 20% interest in the capital of the firm. Rogers contributes cash of P20,000 and an equipment for
a 35% interest in the profits and losses and a 25% interest in the firm's capital. Barton receive a bonus
of P38,325 after the admission of Starks and Rogers.
Transcribed Image Text:Romanoff and Barton are partners with capital balances of P60,000 and P70,000. Romanoff has a 30% interest in the partnership profits and losses. At this time, the partnership decided to admit Stark and Rogers as new partners. Stark contributes cash of P165,000 for a 30% interest in the profits and losses and a 20% interest in the capital of the firm. Rogers contributes cash of P20,000 and an equipment for a 35% interest in the profits and losses and a 25% interest in the firm's capital. Barton receive a bonus of P38,325 after the admission of Starks and Rogers.
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