After operation and partner's withdrawals during 2014 and 2015, DE partnership has a book value of P100,000 and profits and loss percentage on January 1, 2016 as ff. Capital Balance Profit and Loss Percentage D -- P60,000 -- 70 E -- 40,000 -- 30 P100,000 100 On this date F is admitted by purchasing 1/5 of the interests of D and E (each) for a 1/5 interest in the firm; amount paid is P15,000 to D and P8,000 to E. a. The debit to the capital account of D is b. The debit to the capital account of E is c. The credit to the capital account of F is
After operation and partner's withdrawals during 2014 and 2015, DE partnership has a book value of P100,000 and profits and loss percentage on January 1, 2016 as ff. Capital Balance Profit and Loss Percentage D -- P60,000 -- 70 E -- 40,000 -- 30 P100,000 100 On this date F is admitted by purchasing 1/5 of the interests of D and E (each) for a 1/5 interest in the firm; amount paid is P15,000 to D and P8,000 to E. a. The debit to the capital account of D is b. The debit to the capital account of E is c. The credit to the capital account of F is
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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After operation and partner's withdrawals during 2014 and 2015, DE partnership has a book value of P100,000 and profits and loss percentage on January 1, 2016 as ff.
Capital Balance Profit and Loss Percentage
D -- P60,000 -- 70
E -- 40,000 -- 30
P100,000 100
On this date F is admitted by purchasing 1/5 of the interests of D and E (each)
for a 1/5 interest in the firm; amount paid is P15,000 to D and P8,000 to E.
a. The debit to the capital account of D is
b. The debit to the capital account of E is
c. The credit to the capital account of F is
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