Partners Lakers and Celtics are considering the admission of Knicks into the partnership.Lakers and Celtics share profit and loss in the ratio of 2:4, respectively. Capital balancesof Lakers and Celtics are P 240,000 and P 180,000 respectively.Prepare journal entries to record the admission of Knicks under each of the followingindependent assumptions:1. Knicks acquired one-third of the interest of Lakers paying P 80,000.2. Knicks acquired one-third of the interest of Celtics paying P 35,000.3.Knicks buys a 25% interest in the partnership from the old partners paying eachP63,000. Asset revaluation has to be considered prior to the admission of Knicks.

Partnership refers to the contractual agreement among the persons or individuals who came together…

Partners Lakers and Celtics are considering the admission of Knicks into the partners Lakers and Celtics share profit and loss in the ratio of 2:4, respectively. Capital balan of Lakers and Celtics are P 240,000 and P 180,000 respectively. Prepare journal entries to record the admission of Knicks under each of the follow independent assumptions: 1. Knicks acquired one-third of the interest of Lakers paying P 80,000. 2 Knicks acquired one-third of the interest of Celtics paying P 35,000. Knicks from the

Partners Lakers and Celtics are considering the admission of Knicks into the partners Lakers and Celtics share profit and loss in the ratio of 2:4, respectively. Capital balan of Lakers and Celtics are P 240,000 and P 180,000 respectively. Prepare journal entries to record the admission of Knicks under each of the follow independent assumptions: 1. Knicks acquired one-third of the interest of Lakers paying P 80,000. 2 Knicks acquired one-third of the interest of Celtics paying P 35,000. Knicks from the

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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