Partners AIL and Charish capital is 480,000 and 520,000, respectively. They share profit or loss equally in their merchandising business. After admitting BLAIRE, they agreed to have a total capital of P2,500,000. The new partner invested P500,000 for 30% interest in the business. Questions: 6. What is the capital of AIL and Charish after admitting BLAIRE? 7. What is the capital of BLAIRE after admission? 8. How much is the amount of Bonus to or (from) Charish? 9. How much is the amount of revaluation credited to AIL?

Partners AIL and Charish capital is 480,000 and 520,000, respectively. They share profit or loss equally in their merchandising business. After admitting BLAIRE, they agreed to have a total capital of P2,500,000. The new partner invested P500,000 for 30% interest in the business. Questions: 6. What is the capital of AIL and Charish after admitting BLAIRE? 7. What is the capital of BLAIRE after admission? 8. How much is the amount of Bonus to or (from) Charish? 9. How much is the amount of revaluation credited to AIL?

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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