Fiona and Gary are partners' with capital balances of P200,000 and P800,000 respectively. They agreed to accept Romy who will contribute cash P500,0000.00 Romy will be given a 25% interetst in the partnership. Use Bonus method, compute the following a Fiona, Capital Gary, Capital Romy, Capital Romy will be given a 40% interetst in the partnership. Asset is to be revalued, compute the following Fiona, Capital Gary, Capital Romy, Capital bo

Fiona and Gary are partners' with capital balances of P200,000 and P800,000 respectively. They agreed to accept Romy who will contribute cash P500,0000.00 Romy will be given a 25% interetst in the partnership. Use Bonus method, compute the following a Fiona, Capital Gary, Capital Romy, Capital Romy will be given a 40% interetst in the partnership. Asset is to be revalued, compute the following Fiona, Capital Gary, Capital Romy, Capital bo

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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Question

Fiona and Gary are partners' with capital balances of P200,000 and P800,000 respectively. They agreed to accept Romy
who will contribute cash P500,0000.00
Romy will be given a 25% interetst in the partnership. Use Bonus method, compute the following
Fiona, Capital
a
b
Gary, Capital
Romy, Capital
Romy will be given a 40% interetst in the partnership. Asset is to be revalued, compute the following
Fiona, Capital
Gary, Capital
Romy, Capital

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