Problem: The following information is presented for the partnership of Diona, Klee and Qiqi, who share profits and losses in the ratio of 4:3:3, respectively. Diona, Capital P260,000 Klee, Capital 180,000 Qiqi, Capital 160,000 Assume that the partnership decided to admit Yaoyao as a new partner with a one-fourth interest. Required: For each of the following independent cases, determine the amount that Yaoyao must contribute in cash or other assets: 1. No goodwill or bonus will be recorded. A bonus of P24,000 is to be paid by Yaoyao to the prior partners. 2. The partners agreed that the total resulting capital should be P820,000 and no goodwill should be recognized. 3. Other assets are written down by P20,000 and a bonus of P40,000 is paid to Yaoyao at the time of admission. 4.
Problem: The following information is presented for the partnership of Diona, Klee and Qiqi, who share profits and losses in the ratio of 4:3:3, respectively. Diona, Capital P260,000 Klee, Capital 180,000 Qiqi, Capital 160,000 Assume that the partnership decided to admit Yaoyao as a new partner with a one-fourth interest. Required: For each of the following independent cases, determine the amount that Yaoyao must contribute in cash or other assets: 1. No goodwill or bonus will be recorded. A bonus of P24,000 is to be paid by Yaoyao to the prior partners. 2. The partners agreed that the total resulting capital should be P820,000 and no goodwill should be recognized. 3. Other assets are written down by P20,000 and a bonus of P40,000 is paid to Yaoyao at the time of admission. 4.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Could you please help me with 3 and 4. Thank you so much
Transcribed Image Text:Problem:
The following information is presented for the
partnership of Diona, Klee and Qiqi, who share profits
and losses in the ratio of 4:3:3, respectively.
Diona, Capital
P260,000
Klee, Capital
180,000
Qiqi, Capital
160,000
Assume that the partnership decided to admit Yaoyao
as a new partner with a one-fourth interest.
Required:
For each of the following independent cases,
determine the amount that Yaoyao must contribute in
cash or other assets:
1.
No goodwill or bonus will be recorded.
A bonus of P24,000 is to be paid by Yaoyao to
the prior partners.
2.
The partners agreed that the total resulting
capital should be P820,000 and no goodwill should be
recognized.
3.
Other assets are written down by P20,000 and a
bonus of P40,000 is paid to Yaoyao at the time of
admission.
4.
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