's capital DEF'S and they share income in a 6:4 ratio, respectively. They decide to admit GHI to the partnership. ABC and DEF agree that some of the inventory is obsolete. The nventory account is decreased before GHI is admitted. GHI invests P80,000 for a 25% interest. Compute for the capital balance of DEF after the admittance of GHI.

Q: Please provide solution in good accounting form. Thank you!

A: As per PFRS 15, the revenue is recognized with respect to performance obligation provided. So the…

Q: On January 1, 2012, P Corporation purchased 80% of S Company's outstanding stock for P620,000. At…

A: The question is multiple choice question Required  Choose the Correct Option.

Q: Because of the inability to pay debts, Steven Company has been forced into bankruptcy as of April…

A: Answer -    Correct Option is Option B- 67% Because,  Expected recovery percentage is generally…

Q: The Merry Corporation has the following classes of stock outstanding: Common stock, par value P100…

A: Preference shares are those shares whose holders are given the priority over the common share…

Q: carrying value of the investment at the end of the year 2019?

A: IAS 40 deals with Investment property. Investment property is owner-occupied property the is held to…

Q: Problem 6 Mah, Dah and Lih have capital balances of P600,000, P1,000,000 and P360,000 each…

A: Partnership business means where two or more person comes together to  do the business and share the…

Q: Cleopatra Company owns a tract of land that it purchased in 2017 for P2,000,000. The land is held as…

A: Note: Since you have asked multiple question, we will solve the first question for you. If you want…

Q: Required: a) What is the total cost that should recorded as research and development cost? b) What…

A: Intangible assets are those assets which can neither be touched nor be seen. These include patent…

Q: mber 31, 20x1. contract revenue will Krabs recognize in 20x1? c. 80,747 d. 0 a. 60,747 b. 79,132 TI

A: Contract revenue recognition is a generally accepted accounting principle (GAAP) that helps in…

Q: ABC sells on credit terms of 2/10, n/30. Daily sales average 200 units at P2,500 each throughout the…

A: 1) Average Account Receivable:   Particulars Amount Daily Sales (200 x P2,500) 500,000 Days…

Q: Partners John and Paul divide profits and losses 6:4 with capital balances of P 540,000 and P670,000…

A: GIVEN CAPITAL John    540000 cr                 Paul   67000 cr   Profit Sharing Ratio   6 : 4

Q: DMT Farms harvests crops in roughly 90-day cycles based on a 360-day year. The firm receives payment…

A: Face Value = Proceeds / [ 1 - ( Discount rate * Period / 360 ) ]

Q: Using the direct method, compute for the factory overhead rate of the D department if it apply…

A: Under direct mathod, support department costs are directly allocated to Production department.

Q: 6. Partners X, Y and Z have capital balances capital balances in a partnership of P140,000, P60,000…

A: Partnership is form a business entity. It involves two or more persons who perform the business…

Q: Faye Co. manufactures a product using 3 kg of raw materials. Production and inventory budgets for…

A: Scrap=14,250×5100-5=750

Q: 10. SM Supermarket purchases P4,562,500 in goods over a 1-year period from its sole supplier. The…

A: Given information: Purchases = P4,562,500 Credit terms = 2/15, net 50 days Number of days in a year…

Q: Corona Company purchased a patent for P284,375 on January 2, 2015. The patent was being amortized…

A: Corona Company purchased a patent for P284,375 on January 2, 2015. The patent was being amortized…

Q: Colgate Co. bought a trademark from Crest Corp. on May 1, 2019 for P300,000. Its unamortized cost on…

A: The calculation of amount of trademark that should be reported in the Statement of Financial…

Q: 9. On January 1, 2020, HIBISCUS Company purchased 4,000 of P1,000 face value, 10% bonds of IXORA…

A: Bonds are the debt security which is offered or issued by the corporates or the governments to…

Q: In ABC's December 31, year 1 consolidated balance sheet, what amount should be reported as total…

A: Acquisition accounting is a part of accounting that contains certain guidelines regarding how the…

Q: On July 1, 2002, Roger Co. paid P1,198,00 10% 20-year bonds with a face amount of P1,000,000.…

A: Carrying amount refers to the asset original cost which is shown in the balance sheet of the company…

Q: 1. Compute the unit cost of Job 401massuming it contained 200 units. 2. Compute for the total…

A:

Q: Acmal Manufacturing Company is estimating the following raw material purchases for the last four…

A: given that, Estimated raw material purchase for November month = $810000   Payment of 25% will be…

Q: A company plans to tighten its credit policy. The new policy will decrease the average number of…

A: Credit Policy is very crucial for company's working cycle. It should be optimal so that the…

Q: The creditors of the RR Corp. agreed to a liquidation based on the statement of affairs, suggested…

A: Corporate Liquidation:  The event of liquidation of a company, when the company is not able to…

Q: 14. On January 1, 2020, DAHLIA Company showed land with a carrying amount of P10,000,000 and…

A: Revaluation refers to the comparison of the carrying value of the fixed assets with the fair value.…

Q: If the down payment is non-refundable, how much is the contract liability to be initially recorded?

A: Contract liability that is to be recorded initially can be calculated by adding the down payment…

Q: The condensed balance sheet of the 3M Partnership as of June 30, 2020 with the corresponding profit…

A: Partnership is form of business in which partners agrees to share profits and losses and carry a…

Q: On January 1, 20x6, BUNNY, a real estate company, entered into a contract to construct a subdivision…

A: Under contract costing, a contract is made between the parties on some specific project.in generally…

Q: PROBLEM 7-G COLLECTIONS BUDGET Marga Corporation has the following historical pattern of credit…

A: The answer is as fallows

Q: The management of Casablanca Manufacturing Corporation believes that machine-hours is an appropriate…

A: The High Low Method is a mathematical method for estimating the constant and variable components of…

Q: How much is the over/underapplied FOH? Indicate whether over/underapplied. Ex. 123456 Overapplied or…

A: Determination of predetermined overhead rate per direct labour hour:: Overhead rate per Direct…

Q: Data for Magaling Co.'s material X are as follows; annual usage : 12,600 units: Working days per…

A: Reorder point is that point of inventory at which business should place order for the business.

Q: Manny Company uses many kinds of machines in its operations. The following information relates to a…

A: Capital expenditures are funds used by a company to purchase, update or upgrade, and maintain fixed…

Q: apital balances: ABC, Capital DEF, Capital GHI, Capital P 110,000 80,000 110,000 According to the…

A: Profit and Loss Appropriation Account- Under this account profit/loss is distributed between…

Q: Fing the year. Any costs incurred are Pr ontact Price 10 osts incurred to date stimated costs to…

A: Gross profit: Gross profit  is the profit that a company earns after deducting the costs associated…

Q: MD Company started business at the beginning of current year. The entity established an allowance…

A: Answer) Calculation of Net Accounts Receivable Net Accounts Receivable = Gross Accounts Receivable –…

Q: accounting

A: Partnership : It is an arrangement  by two or more parties  for  operating  the  business.…

Q: 17. The owners would like to know what reasons caused the current performance of the company and ask…

A: “Since you have asked multiple questions, we will solve the first question for you.  If you want a…

Q: In 2018, SM Residences entered into a 3-year agreement in to construct a condominium project for a…

A: Percentage of Completion In Contract work percentage of completion of work which states that compare…

Q: The following data was taken from the records of the Dallylaang Manufacturing Company for the month…

A: The spoiled units are accounted under FIFO as identified at the end of the process.

Q: How much is the net income attributable to Product M, assuming that joint costs are allocated using…

A: Allocated joint cost NRV method used so formula is= sales price -further processing cost -disposal…

Q: Bay Company holds 60,000 of Fay Company's 200,000 outstanding shares and 8,000 of Hay Company's…

A: Dividend: A dividend is a payment made by a firm to its shareholders in exchange for its earnings.…

Q: Nagkamali Inc. adds materials at the start of the process in Department B. Units received from…

A: The spoiled units are identified at the beginning of process, so no cost is to be incurred. Hence,…

Q: 2,800,000 1,600,000 % bank loan 280,000 0% short-term note % long-term loan 160,000 2,000,000…

A: According to Accounting Standard 16 i.e. Borrowing cost . When an asset falls into the category of…

Computerized Accounting System

The Computerized Accounting System is generally a system of maintaining accounts using computers. In this method of accounting system, the accounting transactions are processed through the use of hardware and software to generate the reports such as journals, ledgers, trial balance, trading account, P/L accounts, balance and other reports.