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:
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- The partnership of Tatum and Brook shares profits and losses in a 60:40 ratio respectively after Tatum receives a 10,000 salary and Brook receives a 15,000 salary. Prepare a schedule showing how the profit and loss should be divided, assuming the profit or loss for the year is: A. $40,000 B. $25,000 C. ($5,000) In addition, show the resulting entries to each partners capital account. Tatums capital account balance is $50,000 and Brooks is $60,000.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: Allen purchases 25% interest in the firm. Allen pays the partners P 180,000 which Is 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 interest will be equal to the amount of his payment. Allen invests P 360,000 for a 25% interest in the firm. Asset revaluation is recorded 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 part of their capital to Allen as bonus. 4. 5. Allen invests P 480,000 in the firm. Bonus of P 120,000 is…Stein agrees to pay Choi and Amal $9,700 each for a one-third (33 1/3 %) interest in the Choi and Amal partnership. Immediately prior to Stein's admission, each partner had a $29,100 capital balance. Prepare the journal entry to record Stein's purchase of the partners' interest. View transaction list Journal entry worksheet < A Record Stein's purchase of one-third interest by paying Choi and Amal's $9,700 each. Note: Enter debits before credits. Transaction 1 Record entry General Journal Clear entry Debit Credit View general journal
- Stein agrees to pay Choi and Amal $10,000 each for a one-third (331⁄3%) interest in the Choi and Amal partnership. Immediately prior to Stein’s admission, each partner had a $30,000 capital balance. Make the journal entry to record Stein’s purchase of the partners’ interest.Lima and Mitra are partners with a profit and loss ratio of 75:25 and capital balances of P100,000 and P50,000 respectively. Nova is to be admitted into the partnership by purchasing a 20% interest in the capital, profits and losses for P60,000.Assuming that no asset revaluation is to be made, the capital balances of Lima, and Mitra after the admission of Nova are Lima, P112,000 and Mitra, P38,000 Lima, P100,000 and Mitra, P50,000 Lima, P120,000 and Mitra, P60,000 Lima, P80,000 and Mitra, P40,000. Assuming that asset revaluation is to be made, the capital balances of Lima, Mitra and Nova are P170,000; P70,000; P60,000 P192,500; P77,500; P30,000 P100,000; P50,000; P60,000 P800,000; P40,000; P30,000Nali contributed P24,000 and To contributed P48,000 to form a partnership and they agreed to shareprofits in the ratio of their original capital contributions. During the first year of operations, they made aprofit of P16,290; Nali withdrew P5,050 and Toh P8,000. At the start of the following year, they agreedto admit Me into the partnership. Me was to receive a one fourth interest in the capital and profits uponpayment of P30,000 to Nali and Tohh, whose capital accounts were to be reduced by transfers of Me’scapital account of amounts sufficient to bring them back to their original capital ratio.How much of the P30,000 paid by Me be given to Nali
- Nali contributed P24,000 and To contributed P48,000 to form a partnership and they agreed to shareprofits in the ratio of their original capital contributions. During the first year of operations, they made aprofit of P16,290; Nali withdrew P5,050 and Toh P8,000. At the start of the following year, they agreedto admit Me into the partnership. Me was to receive a one fourth interest in the capital and profits uponpayment of P30,000 to Nali and Tohh, whose capital accounts were to be reduced by transfers of Me’scapital account of amounts sufficient to bring them back to their original capital ratio.Pal and Mall are partners with capital of P200, 000 and P100,000and sharing profits and losses 3:1 respectively. They agree to admit Kent as partner, Kent invests P 150,000for a 50% interest in the firm. The partners will revalue the net assets of the partnership upon admission of Kent. a) Journalize the entry to record the admission of Kent b) Capital balance of Pal after Kent's admissionEXERCISES profit and loss agreement is 75% and 25%, respectively. They agree to admit Allen as a Allyna and Allysa are partners with capital balances of P 480,000 and P 240,000. Their Give the required journal entries to record the admission of Allen under each of the partner of firm. following independent cases: Allen purchases 25% Interest in the firm. Allen pays the partners P 180,000 is divided between Allyna and Allysa in proportion to the equities given up. 1. 2. Allen purchases a 1/3 interest in the firm. Allen pays the partners P 360,00. Asset revaluation is undertaken before Allen's admission so that his 1/3 Interest will be equal to the amount of his payment. 3. Allen invests P 360,000 for a 25% interest in the firm. Asset revaluation I5 recorded on the firm books prior to Allen's admission. Allen invests P 360,000 for a % interest in the firm. Allyna and Allysa transfer part of their capital to Allen as bonus. 4. Allen invests P 480,000 in the firm. Bonus of P 120,000 is…