Exercise 4 - 4. Admission of a Partner by Purchase of Interest Benedict and Scholastica are partners in Montecasino General Services Company with profit and loss ratio of 7:3 and capital balances of P1,260,000 and P540,000 respectively. They decided to admit Odilo as a new partner in the partnership. Required: Given the above information, journalize the following independent cases of admitting Odilo in the partnership of Benedict and Scholastica: a. Odilo purchased ½ of the capital interest of Benedict. b. Odilo purchased 20% of the capital interest of Scholastica for P150,000. c. Odilo purchased 30% capital of the interest of Benedict and Scholastica for P620,000.

Exercise 4 - 4. Admission of a Partner by Purchase of Interest Benedict and Scholastica are partners in Montecasino General Services Company with profit and loss ratio of 7:3 and capital balances of P1,260,000 and P540,000 respectively. They decided to admit Odilo as a new partner in the partnership. Required: Given the above information, journalize the following independent cases of admitting Odilo in the partnership of Benedict and Scholastica: a. Odilo purchased ½ of the capital interest of Benedict. b. Odilo purchased 20% of the capital interest of Scholastica for P150,000. c. Odilo purchased 30% capital of the interest of Benedict and Scholastica for P620,000.

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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