For each of the independent case that follow, prepare the following a. Compute the capital balances and the P/L ratio of the partners after the admission of the new partner The capital account balances for partners Dolce and Gabbana on January 1, 2020, were as follows: 10) Dolce, Capital P200,000 Gabbana, Capital P100,000 Dolce and Gabbana shared net income and losses in the ratio of 3:2, respectively. The partners agreed to admit Victoria to the partnership with a 35% interest in partnership capital and net income by investing P100,000 cash. Compute the capital balances and P/L ratio of the partners after admission.
For each of the independent case that follow, prepare the following a. Compute the capital balances and the P/L ratio of the partners after the admission of the new partner The capital account balances for partners Dolce and Gabbana on January 1, 2020, were as follows: 10) Dolce, Capital P200,000 Gabbana, Capital P100,000 Dolce and Gabbana shared net income and losses in the ratio of 3:2, respectively. The partners agreed to admit Victoria to the partnership with a 35% interest in partnership capital and net income by investing P100,000 cash. Compute the capital balances and P/L ratio of the partners after admission.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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For each of the independent case that follow, prepare the following
a. Compute the capital balances and the P/L ratio of the partners after the admission of the new partner
The capital account balances for partners Dolce and Gabbana on January 1, 2020, were as follows:
10)
Dolce, Capital
P200,000
Gabbana, Capital P100,000
Dolce and Gabbana shared net income and losses in the ratio of 3:2, respectively. The partners agreed to admit Victoria to the partnership with a 35% interest in partnership capital and net income by investing P100,000 cash.
Compute the capital balances and P/L ratio of the partners after admission.
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