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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
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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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. They have the following capital balances on October 31, 2021: Chow, Capital King, Capital P 550,000 P300,000 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 6 Partners Mcdo and Jobbe have capital balances ofP150,000 and 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 of Greenwich after admission? A 53,400 B) 72,000 C) 60,000 D) 40,000
Transcribed Image Text:5 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 P 550,000 P300,000 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 6 Partners Mcdo and Jobbe have capital balances ofP150,000 and 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 of Greenwich after admission? A 53,400 B) 72,000 C) 60,000 D) 40,000
7 Partners Mcdo and Jobbe have capital balances ofP150,000 and 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) 48,750 B) 89,000 35,000 54,000 On June 30, 2021, the statement of financial position of Meycauyan Marketing, a partnership, is 8 summarized as follows: Assets P600,000 Orosco, Capital De Guzman, Capital 360,000 240,000 Orozco and De Guzman share profit and losses at a 6:4 ratio, respectively. They agreed to take in Gener Castillo as a new partner, who purchased 1/8 interest of Orosco and De Guzman for P100,000. What is the amount of Gener Castillo's capital to be taken up in the partnership books? A) 75,000 В 50,000 100,000 D 125,000
Transcribed Image Text:7 Partners Mcdo and Jobbe have capital balances ofP150,000 and 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) 48,750 B) 89,000 35,000 54,000 On June 30, 2021, the statement of financial position of Meycauyan Marketing, a partnership, is 8 summarized as follows: Assets P600,000 Orosco, Capital De Guzman, Capital 360,000 240,000 Orozco and De Guzman share profit and losses at a 6:4 ratio, respectively. They agreed to take in Gener Castillo as a new partner, who purchased 1/8 interest of Orosco and De Guzman for P100,000. What is the amount of Gener Castillo's capital to be taken up in the partnership books? A) 75,000 В 50,000 100,000 D 125,000
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