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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 Ooctober 31, 2021: Chow, Capital King, Capital P300,000 P 550,000 The partners agreed to admit Arthur to the Partnership. Arthur paid Chow P200,000 for 40% c his interest. What is the capital balance of Partner Arthur after admission?

Chow and King are partners who share profits and losses in a ratio of 4:3, respectively. They have the following capital balances on Ooctober 31, 2021: Chow, Capital King, Capital P300,000 P 550,000 The partners agreed to admit Arthur to the Partnership. Arthur paid Chow P200,000 for 40% c his interest. What is the capital balance of Partner Arthur after admission?

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 1,2,3 and 4? 

3. The capital accounts of the Manta and Monte partnership on Nov. 30, 2021 were: Manta, Capital (75% profit percentage) Monte, Capital (25% profit percentage) Total Capital P290,000 180,000 P470,000 On Oct. 1, Gwargala was admitted to a 25% interest in the partnership when he purchased 25% of each existing partner's capital for P200,000, paid directly to Manta and Monte. Manta P 290,000, Monte P 180,000 Gwargala A P200,000 Manta P 217,500, Monte P 135,000 Gwargala В P117,500 Manta P 217,500, Monte P 135,000 Gwargala P200,000 Manta P 290,000, Monte P 180,000 Gwargala D) P117,500 4 4 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 P300,000 for 2/5 of his interest in the partnership. What is the capital balance of Partner Arthur after admission? A) 460,000 B) 400,000 c) 300,000 D 350,000
Transcribed Image Text:3. The capital accounts of the Manta and Monte partnership on Nov. 30, 2021 were: Manta, Capital (75% profit percentage) Monte, Capital (25% profit percentage) Total Capital P290,000 180,000 P470,000 On Oct. 1, Gwargala was admitted to a 25% interest in the partnership when he purchased 25% of each existing partner's capital for P200,000, paid directly to Manta and Monte. Manta P 290,000, Monte P 180,000 Gwargala A P200,000 Manta P 217,500, Monte P 135,000 Gwargala В P117,500 Manta P 217,500, Monte P 135,000 Gwargala P200,000 Manta P 290,000, Monte P 180,000 Gwargala D) P117,500 4 4 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 P300,000 for 2/5 of his interest in the partnership. What is the capital balance of Partner Arthur after admission? A) 460,000 B) 400,000 c) 300,000 D 350,000
1 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 paid Chow P200,000 for 40% of his interest. What is the capital balance of Partner Arthur after admission? A) 120,000 В 150,000 с) 300,000 D 200,000 Z In the ABC Partnership, A's capital is P40,000,B's capital is P70,000, and C's Capital is P20,000. They share income in a 4:1:1 ratio, respectively. C is retiring from the partnership. What is the journal entry to record the withdrawal if he is paidP40,000? A C, capital (debit) 40,000 Cash (credit) 40,000 C, capital (debit) 20,000 A, capital (debit)16,000 B, В capital (debit) 4,000 Cash (credit) 40,000 C, capital (debit) 20,000 A, capital (debit)4,000 B, C capital (debit) 16,000 Cash (credit) 40,000 Cash, capital (debit) 40,000 A, capital (debit)4,000 D B, capital (debit) 16,000 C, capital (credit) 40,000
Transcribed Image Text:1 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 paid Chow P200,000 for 40% of his interest. What is the capital balance of Partner Arthur after admission? A) 120,000 В 150,000 с) 300,000 D 200,000 Z In the ABC Partnership, A's capital is P40,000,B's capital is P70,000, and C's Capital is P20,000. They share income in a 4:1:1 ratio, respectively. C is retiring from the partnership. What is the journal entry to record the withdrawal if he is paidP40,000? A C, capital (debit) 40,000 Cash (credit) 40,000 C, capital (debit) 20,000 A, capital (debit)16,000 B, В capital (debit) 4,000 Cash (credit) 40,000 C, capital (debit) 20,000 A, capital (debit)4,000 B, C capital (debit) 16,000 Cash (credit) 40,000 Cash, capital (debit) 40,000 A, capital (debit)4,000 D B, capital (debit) 16,000 C, capital (credit) 40,000
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