1. Roy and Gil are partners sharing profit and loss in the ratio of 1:2 respectively, On July 1, 2020, they decided accept Miguel into the partnership paying P120,000 for a % interest. The following is the post- closing trial balance of the partnership. Debit Credit 45,000 60,000 90,000 174,000 Cash Accounts Receivable, net Inventory Fixed assets, net Liabilities Roy, Capital Gil, Capital 60,000 94,800 214,200 369,000 Total 369,000 It was agreed that adjustments be made to the following assets on their fair value before the admission of Miguel. Accounts Receivable 40,000 Inventory Fixed assets 68,000 180,600 Required: What is the new capital balances of Roy, Gil and Miguel?

1. Roy and Gil are partners sharing profit and loss in the ratio of 1:2 respectively, On July 1, 2020, they decided accept Miguel into the partnership paying P120,000 for a % interest. The following is the post- closing trial balance of the partnership. Debit Credit 45,000 60,000 90,000 174,000 Cash Accounts Receivable, net Inventory Fixed assets, net Liabilities Roy, Capital Gil, Capital 60,000 94,800 214,200 369,000 Total 369,000 It was agreed that adjustments be made to the following assets on their fair value before the admission of Miguel. Accounts Receivable 40,000 Inventory Fixed assets 68,000 180,600 Required: What is the new capital balances of Roy, Gil and Miguel?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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