Romanoff and Barton are partners with capital balances 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 bonus of P38,325 after the admission of Starks and Rogers.

Romanoff and Barton are partners with capital balances 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 bonus of P38,325 after the admission of Starks and Rogers.

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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