answer letter d, e, and f.provide as well the solution/explanation. thank you! Attitude Realty PartnershipAngas, Sunget, and Pabebe are partners in Attitude Realty company. Their capital balances as at July 31, 2020, are as follows:Angas, Capital: 450,000; Sunget, Capital: 150,000 ; Pabebe, Capital: 300,000Each partner has agreed to admit Pabida to the partnership.Required: Prepare the entries to record the dissolution event of the partnership under each of the following conditions:a) Pabida paid Angas P125,000 for 20% of Angas interest in the partnership.b) Pabida invested P200,000 cash in the partnership and received an interest equal to his investment.c) Pabida invested P300,000 cash in the partnership for a 20% interest in the business. A bonus is to be recorded forthe original partners on the basis of their capital balances.d) Pabida invested P300,000 cash in the partnership for a 40% interest in the business. The original partners gavePabida a bonus according to the ratio of their capital balances on July 31, 2020.e) Angas withdrew from the partnership, taking P525,000. The excess of withdrawn assets over Angas' partnershipinterest is distributed according tof) Angas withdrew by selling her interest directly to Pabida for P600,000.balances ofCapital accounts.

The partnership assets and liabilities are revaluated at the time of admission or retirement. The…

Answered: Attitude Realty Partnership Angas,…

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter21: Partnerships

Section: Chapter Questions

Problem 65P

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On May 1, 2017, BJ and Paige formed a partnership. Each contributed assets with the following agreed-upon valuations. Prepare a separate journal entry to record each partners contributions.
On December 31, 2024, Denis and Gamber agree to combine their sole proprietorships into a partnership. Their balance sheets on December 31 are shown as follows: (Click the icon to view the balance sheets.) Read the requirements. ..... Requirement 1. Journalize the contributions of Denis and Gamber to the partnership. (Record debits first, then, credits. Select explanations on the last line of the journal entry table.) Journalize the contribution of Denis. Date Accounts and Explanation Debit Credit Data table Dec. 31 Denis's Business Gamber's Business Current Current Market Book Value Market Value Book Value Value Assets Cash 17,000 $ 17,000 $ 5,000 $ 5,000 Accounts Receivable 27,000 25,000 8,000 6,000 Merchandise Inventory 57,000 51,000 32,000 32,000 122,000 104,000 52,000 56,000 Plant Assets, Net 223,000 $ 197,000 $ 97,000 $ 99,000 Total Assets Requirements Liabilities and Owner's Equity Accounts Payable 31,000 $ 31,000 $ 10,000 $ 10,000 Other Accrued Payables 11,000 11,000 1.…
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