Admission by Investment of Assets Partners Quinsay and Buenaventura have capital balances of P100,000 and P40;000 and share income in a ratio of 4:1, respectively. Rementina is to be admitted into the partnership with a 20% interest in the business. Required: Prepare the journal entries to record the admission of Rementina for each of the following independent situations: 1. Rementina invested P60,000. Total capital will be P200,000. Rementina purchased the 20% interest by paying Quinsay P22,000 and Buenaventura P11,000. 2. botz 3. Rementina invested P32,000. Total capital will be P172,000.

Admission by Investment of Assets Partners Quinsay and Buenaventura have capital balances of P100,000 and P40;000 and share income in a ratio of 4:1, respectively. Rementina is to be admitted into the partnership with a 20% interest in the business. Required: Prepare the journal entries to record the admission of Rementina for each of the following independent situations: 1. Rementina invested P60,000. Total capital will be P200,000. Rementina purchased the 20% interest by paying Quinsay P22,000 and Buenaventura P11,000. 2. botz 3. Rementina invested P32,000. Total capital will be P172,000.

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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