Problem-solving Admission by Purchase of Interest or Investment of Assets Angeles. Bondoc and Campos have equities in a partnership as follows : Angeles 300,000 Bondoc 750,000 Campos 700.000 and share of profits and losses in a ration of 5.3.2, respectively. The partners have agreed to admit Dantes to the partnership REQUIRED Prepare the journal entries to record the admission of Dantes to the partnership under each of the following assumptions. 1. Dantes paid Angeles P450.000 for his full interest 2. Dantes invested P500,000 for a 25% interest, and bonus is recorded for Dantes 3 Dantes invested P600,000 for a 20% interest, and bonus is recorded for the old partners.
Problem-solving Admission by Purchase of Interest or Investment of Assets Angeles. Bondoc and Campos have equities in a partnership as follows : Angeles 300,000 Bondoc 750,000 Campos 700.000 and share of profits and losses in a ration of 5.3.2, respectively. The partners have agreed to admit Dantes to the partnership REQUIRED Prepare the journal entries to record the admission of Dantes to the partnership under each of the following assumptions. 1. Dantes paid Angeles P450.000 for his full interest 2. Dantes invested P500,000 for a 25% interest, and bonus is recorded for Dantes 3 Dantes invested P600,000 for a 20% interest, and bonus is recorded for the old partners.
Chapter21: Partnerships
Section: Chapter Questions
Problem 55P
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Question
Problem-solving Admission
by Purchase of Interest or Investment of Assets
Angeles. Bondoc and Campos have equities in a
: Angeles 300,000
Bondoc 750,000
Campos 700.000
and share of
REQUIRED
Prepare the
1. Dantes paid Angeles P450.000 for his full interest
2. Dantes invested P500,000 for a 25% interest, and bonus is recorded for Dantes
3 Dantes invested P600,000 for a 20% interest, and bonus is recorded for the old partners.
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