Capital balances of Ann and Eloida before the admission of May and Cristel are shown below. 4.9 P 20,000 30,000 P 50,000 They share profits 20% to Ann and 80% to Eloida. May invests P 10,000 for a 15% interest and Cristel; invests P 10,000 for a 10% Ann Eloida interest in the new firm. The agreed new capital is P 80,000. REQUIRED: Give the entry (compound entry) to record the admission of the new partners.
Capital balances of Ann and Eloida before the admission of May and Cristel are shown below. 4.9 P 20,000 30,000 P 50,000 They share profits 20% to Ann and 80% to Eloida. May invests P 10,000 for a 15% interest and Cristel; invests P 10,000 for a 10% Ann Eloida interest in the new firm. The agreed new capital is P 80,000. REQUIRED: Give the entry (compound entry) to record the admission of the new partners.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![4.9 Capital balances of Ann and Eloida before the admission of May and
Cristel are shown below.
An
P 20,000
Eloida
30,000
P 50,000
They share profits 20% to Ann and 80% to Eloida. May invests
P 10,000 for a 15% interest and Cristel; invests P 10,000 for a 10%
interest in the new firm. The agreed new capital is P 80,000.
REQUIRED: Give the entry (compound entry) to record the admission
0000
of the new partners.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd6059865-030f-4fb6-810a-1c3bf3f1d515%2F96da4c45-3f37-444a-a2b5-217a2c8d3e7b%2Fudca1v7_processed.jpeg&w=3840&q=75)
Transcribed Image Text:4.9 Capital balances of Ann and Eloida before the admission of May and
Cristel are shown below.
An
P 20,000
Eloida
30,000
P 50,000
They share profits 20% to Ann and 80% to Eloida. May invests
P 10,000 for a 15% interest and Cristel; invests P 10,000 for a 10%
interest in the new firm. The agreed new capital is P 80,000.
REQUIRED: Give the entry (compound entry) to record the admission
0000
of the new partners.
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