Pal and Mall are partners with capital of P200, 000 and P100,000and sharing profits and losses 3:1 respectively. They agree to admit Kent as partner, Kent invests P 150,000for a 50% interest in the firm. The partners will revalue the net assets of the partnership upon admission of Kent. a) Journalize the entry to record the admission of Kent b) Capital balance of Pal after Kent's admission
Pal and Mall are partners with capital of P200, 000 and P100,000and sharing profits and losses 3:1 respectively. They agree to admit Kent as partner, Kent invests P 150,000for a 50% interest in the firm. The partners will revalue the net assets of the partnership upon admission of Kent. a) Journalize the entry to record the admission of Kent b) Capital balance of Pal after Kent's admission
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Pal and Mall are partners with capital of P200, 000 and P100,000and sharing profits and losses 3:1
respectively. They agree to admit Kent as partner, Kent invests P 150,000for a 50% interest in the firm. The partners will revalue the net assets of the partnership upon admission of Kent.
a) Journalize the entry to record the admission of Kent
b) Capital balance of Pal after Kent's admission
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