Talagtag paid Capricio P900,000 for his 650,000 interest in a Partnership. On the partnership books A) Talagtag will have a capital balance of P650,000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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What is the answer on questions 1 and 2? 

Talagtag paid Capricio P900,000 for his 650,000 interest in a
Partnership. On the partnership books
A Talagtag will have a capital balance of P650,000
B) Talagtag will receive a bonus
c) Talagtag will have a capital balance of P900,000
D Talagtag will give up a bonus
Transcribed Image Text:Talagtag paid Capricio P900,000 for his 650,000 interest in a Partnership. On the partnership books A Talagtag will have a capital balance of P650,000 B) Talagtag will receive a bonus c) Talagtag will have a capital balance of P900,000 D Talagtag will give up a bonus
In purchase of interest in partnership, the payment made by
new partner is
A
Paid to the partnership
В
Paid to partners
C) Paid to creditors
D
Paid to customers
Transcribed Image Text:In purchase of interest in partnership, the payment made by new partner is A Paid to the partnership В Paid to partners C) Paid to creditors D Paid to customers
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