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38. What is A's capital balance after the admission of C? 39. What is the total partnership capital after the admission of C?

38. What is A's capital balance after the admission of C? 39. What is the total partnership capital after the admission of C?

FINANCIAL ACCOUNTING
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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Problem 4 On December 29, 2018, Blue Company was registered at the Securities and Exchange Commission with 100,00 authorized shares of P100 par value. The following were Blue's transactions: December 29, 2018 May 14, 2019 August 9, 2019 December 31, 2019 Issued 40,000 shares at P105 per share. Purchased 600 of its ordinary shares at P110 per share. 400 treasury shares were resold at P95 per share. Profit for 2019 is P830,000. Dividends paid P200,000. 34. What is the total outstanding shares? 35. What is the balance of treasury shares? 36. How many shares are entitled to receive dividends? 37. What is the total shareholders' equity? Problem 5 Partners A & B have capital balances of P600,000 and P400,000 and share profits and losses in the ratio of 3:2, respectively, before the admission of C. With the consent of B, A sells one-half of his equity to C, with C paying A the amount of P350,000. 38. What is A's capital balance after the admission of C? 39. What is the total partnership capital after the admission of C? Problem 6 Antonio_and Tony are partners with capital balances of P300,000 and P250,000 sharing profits and losses 3:1 respectively. They agreed to admit Anton as partner. Anton invests P150,000 for a 40% interest in the firm. Anton and Tony transfer part of their capital to Anton as a bonus. 40. What is Antonio's capital after Anton's admission? 41. What is the total partnership capital after Anton's admission?
Transcribed Image Text:Problem 4 On December 29, 2018, Blue Company was registered at the Securities and Exchange Commission with 100,00 authorized shares of P100 par value. The following were Blue's transactions: December 29, 2018 May 14, 2019 August 9, 2019 December 31, 2019 Issued 40,000 shares at P105 per share. Purchased 600 of its ordinary shares at P110 per share. 400 treasury shares were resold at P95 per share. Profit for 2019 is P830,000. Dividends paid P200,000. 34. What is the total outstanding shares? 35. What is the balance of treasury shares? 36. How many shares are entitled to receive dividends? 37. What is the total shareholders' equity? Problem 5 Partners A & B have capital balances of P600,000 and P400,000 and share profits and losses in the ratio of 3:2, respectively, before the admission of C. With the consent of B, A sells one-half of his equity to C, with C paying A the amount of P350,000. 38. What is A's capital balance after the admission of C? 39. What is the total partnership capital after the admission of C? Problem 6 Antonio_and Tony are partners with capital balances of P300,000 and P250,000 sharing profits and losses 3:1 respectively. They agreed to admit Anton as partner. Anton invests P150,000 for a 40% interest in the firm. Anton and Tony transfer part of their capital to Anton as a bonus. 40. What is Antonio's capital after Anton's admission? 41. What is the total partnership capital after Anton's admission?
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