Cen, Deng, and Lala are partners with capital balances on 31 December 2021 of P300, 000, P300, 000 and P200, 000, respectively. Profit are shared equally. Lala wishes to withdraw and it is agreed that she is to take certain furniture and fixtires with a second hand value ooof P50, 000 and note for the balance of her interest. The furniture and fixtures are carried in the books at P65, 000. Brand new, the furniture and fixtures may cost P80, 000. Lala’s acquisition of the second furniture will result to:
Cen, Deng, and Lala are partners with capital balances on 31 December 2021 of P300, 000, P300, 000 and P200, 000, respectively. Profit are shared equally. Lala wishes to withdraw and it is agreed that she is to take certain furniture and fixtires with a second hand value ooof P50, 000 and note for the balance of her interest. The furniture and fixtures are carried in the books at P65, 000. Brand new, the furniture and fixtures may cost P80, 000. Lala’s acquisition of the second furniture will result to:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Cen, Deng, and Lala are partners with capital balances on 31 December 2021 of P300, 000, P300, 000 and P200, 000, respectively. Profit are shared equally. Lala wishes to withdraw and it is agreed that she is to take certain furniture and fixtires with a second hand value ooof P50, 000 and note for the balance of her interest. The furniture and fixtures are carried in the books at P65, 000. Brand new, the furniture and fixtures may cost P80, 000. Lala’s acquisition of the second furniture will result to:
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education