1. What is the total capital balance of the partnership after the admission by Marshall? 2. What is the capital share of Marshall after he was admitted in the pait ship? 3. What is the percentage share of Marshall in the profits and losses 4. What is the combined gain realized by Manuel and Marcus upon the sale of a portion of their interest in the partnership to Marshall? 5. What is the gain realized by Manuel upon the sale of a portion of his interest in the partnership to Marshall
1. What is the total capital balance of the partnership after the admission by Marshall? 2. What is the capital share of Marshall after he was admitted in the pait ship? 3. What is the percentage share of Marshall in the profits and losses 4. What is the combined gain realized by Manuel and Marcus upon the sale of a portion of their interest in the partnership to Marshall? 5. What is the gain realized by Manuel upon the sale of a portion of his interest in the partnership to Marshall
Chapter15: Partnership Accounting
Section: Chapter Questions
Problem 3EA: The partnership of Tasha and Bill shares profits and losses in a 50:50 ratio, and the partners have...
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1. What is the total capital balance of the partnership after the admission by
Marshall?
2. What is the capital share of Marshall after he was admitted in the pait ship?
3. What is the percentage share of Marshall in the profits and losses
4. What is the combined gain realized by Manuel and Marcus upon the sale of a portion of their interest in the partnership to Marshall?
5. What is the gain realized by Manuel upon the sale of a portion of his interest in the partnership to Marshall
![Manuel and Marcus are partners with the following capital balances as at June 30,
Multiple Choice - III
20xx with their respective profit and loss ratio:
Capital
P3,000,000
P4,500,000 ·
Profit and Loss Ratio
Mamuel
40 %
Marcus
60.%
On July 1, 20xx Marshall is admitted to the partnership when he purchased
proportionate interest from Manuel and Marcus in the net assets and profits of the
partnership for P2,700,000. As a result Marshall acquired 1/3 interest in the net
assets and profits of the firm.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fdcee0148-4ed8-4366-af1d-122b6f95ac01%2Fb3c49093-e6ba-42c7-872f-f6b9783c0027%2F5galyaa_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Manuel and Marcus are partners with the following capital balances as at June 30,
Multiple Choice - III
20xx with their respective profit and loss ratio:
Capital
P3,000,000
P4,500,000 ·
Profit and Loss Ratio
Mamuel
40 %
Marcus
60.%
On July 1, 20xx Marshall is admitted to the partnership when he purchased
proportionate interest from Manuel and Marcus in the net assets and profits of the
partnership for P2,700,000. As a result Marshall acquired 1/3 interest in the net
assets and profits of the firm.
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