10. Fiona and Gary are partners with capital balances of P350,000 and P250,000, respectively. They agree to accept Romy who will contribute land which costs him P250,000 but its market value is P300,000.(see attached image for the actual questions/informations. please answer it based on your knowledge. thank you so much!)NOTE: someone already answer letter a to c so please answer letter d and e. thank you once again!Direction: Make entries to record Romy’s admission based on the following independent cases:d) Romy will be given a 30% interest. Use the bonus capital method.e) Romy will be given a 30% interest. Assets should first be revalued. 10. Fiona and Gary are partners with capital balances of P350,000 and P250,000, respectively.They agree to accept Romy who will contribute land which costs him P250,000 but itsmarket value is P300,000.Direction:Make entries to record Romy's admission based on the following independent cases:a) Romy will be given a 1/3 interest in the firm. No bonus or asset revaluation should berecognized.b) Romy will be given a 40% interest. Use the bonus capital method.c) Romy will be given a 40% interest. Assets should first be revalued.d) Romy will be given a 30% interest. Use the bonus capital method.e) Romy will be given a 30% interest. Assets should first be revalued.Jonces are

As it is specifically asked to answer letter d and e. We are answering only asked sub parts of the…

Answered: 10. Fiona and Gary are partners with…

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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10. Fiona and Gary are partners with capital balances of P350,000 and P250,000, respectively. They agree to accept Romy who will contribute land which costs him P250,000 but its market value is P300,000.

(see attached image for the actual questions/informations. please answer it based on your knowledge. thank you so much!)

NOTE: someone already answer letter a to c so please answer letter d and e. thank you once again!

Direction: Make entries to record Romy’s admission based on the following independent cases:

d) Romy will be given a 30% interest. Use the bonus capital method.

e) Romy will be given a 30% interest. Assets should first be revalued.

10. Fiona and Gary are partners with capital balances of P350,000 and P250,000, respectively.
They agree to accept Romy who will contribute land which costs him P250,000 but its
market value is P300,000.
Direction:
Make entries to record Romy's admission based on the following independent cases:
a) Romy will be given a 1/3 interest in the firm. No bonus or asset revaluation should be
recognized.
b) Romy will be given a 40% interest. Use the bonus capital method.
c) Romy will be given a 40% interest. Assets should first be revalued.
d) Romy will be given a 30% interest. Use the bonus capital method.
e) Romy will be given a 30% interest. Assets should first be revalued.
Jonces are

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