ADMISSION - PURCHASE OF INTERESTPROBLEM DAika and Nicole's capital is P600,000 and P480,000. Profit and share ratio is 7:3. Princess directly purchased a 1/3 interestby paying Aika P195,000 and Nicole P225,000. Their Land Account is increased by P180,000 before Princess is accepted.10. What is the capital of Aika after admitting Princess?a. 300,000b. 356,000c. 420,000d. 484,00011. What is the capital of Nicole after admitting Princess?a. 300,000b. 356,000c. 420,000d. 484,00012. What is the capital of Princess after admission?PROBLEM Ea. 300,000b. 356,000c. 420,000d. 484,000Mark, Dave and Jim are partners with capital balances of P448,000, P1,560,000, and P680,000, sharing profits and lossesof 6:4:2. Jamie is admitted as a new partner bringing with him expertise and is to invest cash for 25% interest in thepartnership, which includes a credit of P420,000 bonus upon his admission.13. How much cash should Jamie contribute?a. 336,000b. 420,000c. 756,000d. 3,024,00014. How much should be credited to Jamie's capital?a.336,000b. 420,000c. 756,000d. 3,024,000

The partnership is an agreement between the partners to carry on the business agreed on by all or…

Aika and Nicole's capital is P600,000 and P480,000. Profit and share ratio is 7:3. Princess directly purchased a 1/3 interest by paying Aika P195,000 and Nicole P225,000. Their Land Account is increased by P180,000 before Princess is accepted. 10. What is the capital of Aika after admitting Princess? a. 300,000 b. 356,000 c. 420,000 d. 484,000 11. What is the capital of Nicole after admitting Princess? a. 300,000 b. 356,000 c. 420,000 d. 484,000 12. What is the capital of Princess after admission? a. 300,000 b. 356,000 c. 420,000 d. 484,000

Aika and Nicole's capital is P600,000 and P480,000. Profit and share ratio is 7:3. Princess directly purchased a 1/3 interest by paying Aika P195,000 and Nicole P225,000. Their Land Account is increased by P180,000 before Princess is accepted. 10. What is the capital of Aika after admitting Princess? a. 300,000 b. 356,000 c. 420,000 d. 484,000 11. What is the capital of Nicole after admitting Princess? a. 300,000 b. 356,000 c. 420,000 d. 484,000 12. What is the capital of Princess after admission? a. 300,000 b. 356,000 c. 420,000 d. 484,000

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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4
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