respectively, and have the following capital balances on Sept. 30, 2020: Castro, Capital, Admission by Purchase of Interest or Investment of Assets P100,000 Cr. and Falceso, Capital, P150,000 Cr. The partners agreed to admit Garachico Castro and Falceso are partners who share profits and losses in a ratio of 2:3, NAME: SCORE: SECTION: PROFESSOR: Problem #8 amission by Purchase of Interest or Investment of Assets espectively, and have the following capital balances on Sept. 30, 2020: Castro, Capital, to the partnership. Required: Calculate the capital balances of each partner after the admission of Garachico, assuming that bonuses are recorded when appropriate for each of the following assumptions: 1. Garachico paid Castro P50,000 for 40% of his interest. 2. Garachico invested P50,000 for a one-sixth interest in the partnership. 3. Garachico invested P50,000 for a 25% interest in the partnership. 4. Garachico invested P50,000 for a 15% interest in the partnership.
respectively, and have the following capital balances on Sept. 30, 2020: Castro, Capital, Admission by Purchase of Interest or Investment of Assets P100,000 Cr. and Falceso, Capital, P150,000 Cr. The partners agreed to admit Garachico Castro and Falceso are partners who share profits and losses in a ratio of 2:3, NAME: SCORE: SECTION: PROFESSOR: Problem #8 amission by Purchase of Interest or Investment of Assets espectively, and have the following capital balances on Sept. 30, 2020: Castro, Capital, to the partnership. Required: Calculate the capital balances of each partner after the admission of Garachico, assuming that bonuses are recorded when appropriate for each of the following assumptions: 1. Garachico paid Castro P50,000 for 40% of his interest. 2. Garachico invested P50,000 for a one-sixth interest in the partnership. 3. Garachico invested P50,000 for a 25% interest in the partnership. 4. Garachico invested P50,000 for a 15% interest in the partnership.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:NAME:
SCORE:
SECTION:
PROFESSOR:
Problem #8
amission by Purchase of Interest or Investment of Assets
castro and Falceso are partners who share profits and losses in a ratio of 2:3,
espectively, and have the following capital balances on Sept. 30, 2020: Castro, Capital,
p100,000 Cr. and Falceso, Capital, P150,000 Cr. The partners agreed to admit Garachico
to the partnership.
Required: Calculate the capital balances of each partner after the admission of
Garachico, assuming that bonuses are recorded when appropriate for each of the
following assumptions:
1. Garachico paid Castro P50,000 for 40% of his interest.
2. Garachico invested P50,000 for a one-sixth interest in the partnership.
3. Garachico invested P50,000 for a 25% interest in the partnership.
4. Garachico invested P50,000 for a 15% interest in the partnership.
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