On December 31, 2017, the Statement of Financial Position of CAR Partnership shows the following data with profits or loss sharing ratio of 1:3:6 1 Cash P 5,000,000 Carla P 5,000,000 Non cash assets 15,000,000 Ara 3,000,000 Ren 2,000,000 Total liabilities P 10,000,000 On January 1, 2018, Ellen is admitted to the new partnership to be named CARE by purchasing 20% capital interest of Carla in the amount of P 1,200,000. Which of the following statements is correct? Ellen will have capital credit of P 200,000 after the dissolution The old partnership will recognize gain of P 200,000 resulting from Ellen's admission The new partnership will have a total capital of P 10,200,000 a. b. C. d. Carla will have P 4,000,000 capital balance after the admission of Ellen

On December 31, 2017, the Statement of Financial Position of CAR Partnership shows the following data with profits or loss sharing ratio of 1:3:6 1 Cash P 5,000,000 Carla P 5,000,000 Non cash assets 15,000,000 Ara 3,000,000 Ren 2,000,000 Total liabilities P 10,000,000 On January 1, 2018, Ellen is admitted to the new partnership to be named CARE by purchasing 20% capital interest of Carla in the amount of P 1,200,000. Which of the following statements is correct? Ellen will have capital credit of P 200,000 after the dissolution The old partnership will recognize gain of P 200,000 resulting from Ellen's admission The new partnership will have a total capital of P 10,200,000 a. b. C. d. Carla will have P 4,000,000 capital balance after the admission of Ellen

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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