What are the answers on questions 5,6,7 and 8? 5 Chow and King are partners who share profits and losses in a ratio of 4:3, respectively. Theyhave the following capital balances on October 31, 2021:Chow, CapitalKing, CapitalP 550,000P300,000The partners agreed to admit Arthur to the Partnership. Arthur Invested P400,000 for 25% of hisinterest in the partnership. What is the capital balance of Partner Arthur after admission?A) 550,000350,000C400,000D) 312,5006 Partners Mcdo and Jobbe have capital balances ofP150,000and P45,000 and share income in a ratio of 5:2 respectively.Greenwich is to be admitted into the partnership with a 20%interest in the business.Total capital will be P267,000. What is the capital balance ofGreenwich after admission?A 53,400B) 72,000C) 60,000D) 40,000 7 Partners Mcdo and Jobbe have capital balances ofP150,000and P45,000 and share income in a ratio of 5:2 respectively.Greenwich is to be admitted into the partnership with a 25%interest in the business.What is the capital balance of Greenwich after admission?A) 48,750B) 89,00035,00054,000On June 30, 2021, the statement of financial position of Meycauyan Marketing, a partnership, is8 summarized as follows:AssetsP600,000Orosco, CapitalDe Guzman, Capital360,000240,000Orozco and De Guzman share profit and losses at a 6:4 ratio, respectively. They agreed to takein Gener Castillo as a new partner, who purchased 1/8 interest of Orosco and De Guzman forP100,000. What is the amount of Gener Castillo's capital to be taken up in the partnershipbooks?A) 75,000В50,000100,000D125,000

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Chow and King are partners who share profits and losses in a ratio of 4:3, respectively. They have the following capital balances on October 31, 2021: Chow, Capital King, Capital P300,000 P 550,000 The partners agreed to admit Arthur to the Partnership. Arthur Invested P400,000 for 25% of his interest in the partnership. What is the capital balance of Partner Arthur after admission? A) 550,000 350,000 c) 400,000 D) 312,500

Chow and King are partners who share profits and losses in a ratio of 4:3, respectively. They have the following capital balances on October 31, 2021: Chow, Capital King, Capital P300,000 P 550,000 The partners agreed to admit Arthur to the Partnership. Arthur Invested P400,000 for 25% of his interest in the partnership. What is the capital balance of Partner Arthur after admission? A) 550,000 350,000 c) 400,000 D) 312,500

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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