Answer 7 t0 10 Allyna and Allysa are partners with capital balances of P 480,000 and P 240,000. Theirprofit and loss agreement is 75% and 25%, respectively. They agree to admit Allen as apartner of firm.Give the required journal entries to record the admission of Allen under each of thefollowing independent cases:Allen purchases 25% interest in the firm. Allen pays the partners P 180,000 whichIs divided between Allyna and Allysa in proportion to the equities given up.1.2.Allen purchases a 1/3 interest in the fim. Allen pays the partners P 360,000.Asset revaluation is undertaken before Allen's admission so that his 1/3 interestwill be equal to the amount of his payment.Allen invests P 360,000 for a 25% interest in the firm. Asset revaluation isrecorded on the firm books prior to Allen's admission.3.Allen invests P 360,000 for a % interest in the firm. Allyna and Allysa transfer partof their capital to Allen as bonus.4.5.Allen invests P 480,000 in the firm. Bonus of P 120,000 is considered to partnersAllyna and Allysa.6.Allen invests P 480,000 in the firm with P 20,000 bonus allowed to Allysa andAllyna upon his admission.7.Allen invests P 300,000 for a % interest in the firm. Total capital of the newpartnership is P 1.020,000.8.Allen invests P 330,000 for a 25% interest in the firm. The total firm capital afterhis admission is P 1,320,000.9.Allen invests P 288,000 for a 1/3 interest in the firm. The total firm capital after hisadmission is P 1,008,000.10. Allen invests sufficient cash for a 1/5 interest in the firm.

The journal entries to record the admission of Allen are presented hereunder : Capital balances of…

Allyna and Allysa are partners with capital balances of P 480,000 and P 240,000. Their profit and loss agreement is 75% and 25%, respectively. They agree to admit Allen as a partner of firm. Give the required journal entries to record the admission of Allen under each of the following independent cases:

Allyna and Allysa are partners with capital balances of P 480,000 and P 240,000. Their profit and loss agreement is 75% and 25%, respectively. They agree to admit Allen as a partner of firm. Give the required journal entries to record the admission of Allen under each of the following independent cases:

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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