Romanoff and Barton are partners with capital balance of P60,000 and P70,000. Romanoff has a 30% interest in the partnership profits and losses. At this time, the partnership decided to admit Stark and Rogers as new partners. Stark contributes cash of P165,000 for a 30% interest in the profits and losses and a 20% interest in the capital of the firm. Rogers contributes cash of P20,000 and an equipment for a 35% interest in the profits and losses and a 25% interest in the firm’s capital. Barton receive a bons of P38,325 after the admission of Starks and rogers. How much is the equipment contributed by Rogers?Note: Please probide a solution so that I can understand. Thank you so much!

Value of equipment contributed by Rogers The bonus (which equals the assets they introduce minus the…

Answered: ributes cash of P165,000 for a 30%…

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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Romanoff and Barton are partners with capital balance of P60,000 and P70,000. Romanoff has a 30% interest in the partnership profits and losses. At this time, the partnership decided to admit Stark and Rogers as new partners. Stark contributes cash of P165,000 for a 30% interest in the profits and losses and a 20% interest in the capital of the firm. Rogers contributes cash of P20,000 and an equipment for a 35% interest in the profits and losses and a 25% interest in the firm’s capital. Barton receive a bons of P38,325 after the admission of Starks and rogers. How much is the equipment contributed by Rogers?

Note: Please probide a solution so that I can understand. Thank you so much!

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