Dennis is being admitted into the partnership of Danilo, Romeo and Sanros. As of the date of admission, the capital balances and share in net income of the three partners are as follows: Capital Balance P/L Ratio Danilo P30,000 30% Romeo 60,000 50 Sanros 10,000 20 Make the entries incidental to the admission of Dennis who invests P30,000 for: 1/5 interest in the partnership with capital credit equal to his investment. 1/3 interest in the partnership with total capitalization of P150,000. 1/5 interest in the partnership with total capitalization of P130,000. 30% interest in the partnership with total capitalization of P130,000. 25% interest in the partnership with total agreed capital of P150,000. 30% interest in the partnership. The partnership has asset revaluation of P10,000 15% interest in the total partners’ equity of P150,000.
Dennis is being admitted into the partnership of Danilo, Romeo and Sanros. As of the date of admission, the capital balances and share in net income of the three partners are as follows: Capital Balance P/L Ratio Danilo P30,000 30% Romeo 60,000 50 Sanros 10,000 20 Make the entries incidental to the admission of Dennis who invests P30,000 for: 1/5 interest in the partnership with capital credit equal to his investment. 1/3 interest in the partnership with total capitalization of P150,000. 1/5 interest in the partnership with total capitalization of P130,000. 30% interest in the partnership with total capitalization of P130,000. 25% interest in the partnership with total agreed capital of P150,000. 30% interest in the partnership. The partnership has asset revaluation of P10,000 15% interest in the total partners’ equity of P150,000.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Dennis is being admitted into the
|
|
|
Capital Balance |
P/L Ratio |
|
|
|
Danilo |
P30,000 |
30% |
|
|
|
Romeo |
60,000 |
50 |
|
|
|
Sanros |
10,000 |
20 |
|
Make the entries incidental to the admission of Dennis who invests P30,000 for:
- 1/5 interest in the partnership with capital credit equal to his investment.
- 1/3 interest in the partnership with total capitalization of P150,000.
- 1/5 interest in the partnership with total capitalization of P130,000.
- 30% interest in the partnership with total capitalization of P130,000.
- 25% interest in the partnership with total agreed capital of P150,000.
- 30% interest in the partnership. The partnership has asset revaluation of P10,000
- 15% interest in the total partners’ equity of P150,000.
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