On June 1, 2020, Driz is admitted to the partnership when Driz purchased, for P429,000, a proportionate interest from Aguinaldo and Caraig in the net assets and profits of the partnership. As a result of a transaction Driz acquired a one-fifth interest in the net assets and profits of the firm. What is the combined gain realized by Aguinaldo and Caraig upon the sale of a portion of their interest in the partnership to Driz? a. 0 b. P140,400 C. P202,800 d. P266,500

On June 1, 2020, Driz is admitted to the partnership when Driz purchased, for P429,000, a proportionate interest from Aguinaldo and Caraig in the net assets and profits of the partnership. As a result of a transaction Driz acquired a one-fifth interest in the net assets and profits of the firm. What is the combined gain realized by Aguinaldo and Caraig upon the sale of a portion of their interest in the partnership to Driz? a. 0 b. P140,400 C. P202,800 d. P266,500

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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