Tina, Lou and Lena are partners sharing profits and losses in the ratio of 1:2:2 and have a capital balances of P600,000, P300,000, P500,000 respectively. Rod will purchase 2/3 of Tina's interest, paying her directly for an amount less than P50,000 Compute the Capital balances of the partners after Rod admission Tina, Capital al Lou, Capital Lena, Capital C. P. Rod, Capital Rod pays P250,000 to Lou for a 1/2 of her share in the partnership. Partners' aggree that it is time to revaluate the assets of the partnership, using as a basis the amount Rod is willing to pay. Compute the Capital balances of the partners after Rod admission el Tina, Capital S. 2) Lou, Capital Rod, Capital Rod pays P250,000 to Lou for a 1/2 of her share in the partnership. Partners' aggree that it is time to revaluate the assets of the partnership, using as a basis the amount Rod is willing to pay. Compute the Capital balances of the partners after Rod admission e Tina, Capital Lou, Capital 6. Lena, Capital Rod, Capital Rod wll invest P1,200,000 for 1/2 interest in the partnership and be given a goodwill credit. How much is? Rod. Capital (including goodwill) Tina, Capital (after rod admission)
Tina, Lou and Lena are partners sharing profits and losses in the ratio of 1:2:2 and have a capital balances of P600,000, P300,000, P500,000 respectively. Rod will purchase 2/3 of Tina's interest, paying her directly for an amount less than P50,000 Compute the Capital balances of the partners after Rod admission Tina, Capital al Lou, Capital Lena, Capital C. P. Rod, Capital Rod pays P250,000 to Lou for a 1/2 of her share in the partnership. Partners' aggree that it is time to revaluate the assets of the partnership, using as a basis the amount Rod is willing to pay. Compute the Capital balances of the partners after Rod admission el Tina, Capital S. 2) Lou, Capital Rod, Capital Rod pays P250,000 to Lou for a 1/2 of her share in the partnership. Partners' aggree that it is time to revaluate the assets of the partnership, using as a basis the amount Rod is willing to pay. Compute the Capital balances of the partners after Rod admission e Tina, Capital Lou, Capital 6. Lena, Capital Rod, Capital Rod wll invest P1,200,000 for 1/2 interest in the partnership and be given a goodwill credit. How much is? Rod. Capital (including goodwill) Tina, Capital (after rod admission)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Concept explainers
Partnership Accounting
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings, admission of a new partner, etc.
Partner Admission and Withdrawal
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings of a partner, etc.
Question
Transcribed Image Text:Tina, Lou and Lena are partners sharing profits and losses in the ratio of 1:2:2 and have a capital balances of P600,000,
P300,000, P500,000 respectively.
Rod will purchase 2/3 of Tina's interest, paying her directly for an amount less than P50,000
Compute the Capital balances of the partners after Rod admission
Tina, Capital
al
Lou, Capital
Lena, Capital
C.
P.
Rod, Capital
Rod pays P250,000 to Lou for a 1/2 of her share in the partnership. Partners' aggree that it is time to revaluate the
assets of the partnership, using as a basis the amount Rod is willing to pay.
Compute the Capital balances of the partners after Rod admission
el
Tina, Capital
S.
2)
Lou, Capital
Transcribed Image Text:Rod, Capital
Rod pays P250,000 to Lou for a 1/2 of her share in the partnership. Partners' aggree that it is time to revaluate the
assets of the partnership, using as a basis the amount Rod is willing to pay.
Compute the Capital balances of the partners after Rod admission
e
Tina, Capital
Lou, Capital
6.
Lena, Capital
Rod, Capital
Rod wll invest P1,200,000 for 1/2 interest in the partnership and be given a goodwill credit. How much is?
Rod. Capital (including goodwill)
Tina, Capital (after rod admission)
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