Partnership Dissolution7. Ro invests P160,000 in a partnership for a one-fifth interest. Prior to Ro's admission, the partnershiphad two partners with capital balances of P250,000 each. If no asset revaluation is recognized prior to Roadmission, What total amount is credited to the old partner's capital account?a) P528,000b) P132,000c) P500,000d) P160,0008. Assets and liabilities are recorded at the current fair values and no asset revaluation nor bonus will beconsidered. My is to be admitted as a new partner with 20% capital interest and a 20% share of profitsand losses in exchange for a cash investment. Determine the amount of investment to be contributed byMy.a) P150,000b) P120,000c) P675,000d) P135,0009. Li and La are partners with capital contributions of P200,000 and P300,000 respectively for a 4/5interest. They share profits in the ratio of 60% for Li and 40% for La. With the consent of all partners, Lewas accepted as a new partner for a cash investment of P100,000. How much capital will be credited toLe upon her admission?a) P125,000b) P180,000c) P150,000d) P100,000

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7. Ro invests P160,000 in a partnership for a one-fifth interest. Prior to Ro's admission, the partnership had two partners with capital balances of P250,000 each. If no asset revaluation is recognized prior to Ro admission, What total amount is credited to the old partner's capital account? a) P528,000 b) P132,000 c) P500,000 d) P160,000

7. Ro invests P160,000 in a partnership for a one-fifth interest. Prior to Ro's admission, the partnership had two partners with capital balances of P250,000 each. If no asset revaluation is recognized prior to Ro admission, What total amount is credited to the old partner's capital account? a) P528,000 b) P132,000 c) P500,000 d) P160,000

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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