3. Bonnie and Daisy are partners with capital balances of P400,000 and P320,000, respectively. Profits and losses are shared equally. Accounting books have been closed after the regular adjustments were prepared. The company is considering the admission of Maggie, a new partner, who is interested in buying 50% interest from anyone of the partners.The following options are open: (see attached image for the given. please answer it based on your knowledge. thank you so much. i'm sorry i forgot to take a pic the option d, but its now complete. thanks!)Direction:Prepare the entries to record the admission of Maggie based on each of the above options. Prepare the revised partners' equity for option d.) (c) Daisy is willing to sell half of her interest for P200,000. The partners agree to revalucthe firm's assets first before Maggie's admission.(d) Bonnie and Daisy are willing to sell half of the partnership equity for P300,000 afterrevaluing the assets.neyitalingDirection:Prepare the entries to record the admission of Maggie based on each of the above options.Prepare the revised partners' equity for option d). after the regular adjustments were prepared. The company is considering the admission3. Bonnie and Daisy are partners with capital balances of P400,000 and P320,00respectively. Profits and losses are shared equally. Accounting books have been closeafter the regular adjustments were prepared. The company is considering the adnisof Maggie, a new partner, who is interested in buying 50% interest from anyone of upartners. The following options are open:(a) Daisy is offering a price of P150,000 for the interest Maggie wants to buy.was acquired for P500,000 but is currently worth half the price.the firm's assets first before Maggie's admission.

Partnership is the economic activity performed by two or more individuals together having common…

Answered: (c) Daisy is willing to sell half of…

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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Question

3. Bonnie and Daisy are partners with capital balances of P400,000 and P320,000, respectively. Profits and losses are shared equally. Accounting books have been closed after the regular adjustments were prepared. The company is considering the admission of Maggie, a new partner, who is interested in buying 50% interest from anyone of the partners.

The following options are open:

(see attached image for the given. please answer it based on your knowledge. thank you so much. i'm sorry i forgot to take a pic the option d, but its now complete. thanks!)

Direction:

Prepare the entries to record the admission of Maggie based on each of the above options. Prepare the revised partners' equity for option d.)

(c) Daisy is willing to sell half of her interest for P200,000. The partners agree to revaluc
the firm's assets first before Maggie's admission.
(d) Bonnie and Daisy are willing to sell half of the partnership equity for P300,000 after
revaluing the assets.
ney
ital
ing
Direction:
Prepare the entries to record the admission of Maggie based on each of the above options.
Prepare the revised partners' equity for option d).

after the regular adjustments were prepared. The company is considering the admission
3. Bonnie and Daisy are partners with capital balances of P400,000 and P320,00
respectively. Profits and losses are shared equally. Accounting books have been close
after the regular adjustments were prepared. The company is considering the adnis
of Maggie, a new partner, who is interested in buying 50% interest from anyone of u
partners. The following options are open:
(a) Daisy is offering a price of P150,000 for the interest Maggie wants to buy.
was acquired for P500,000 but is currently worth half the price.
the firm's assets first before Maggie's admission.

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