30.The INERT partnership shows the following profit & loss ratio & capital balances:P 194,000P 52,000HELIUMARGON45%NEONP 108,00046,00030%15%KRYPTON10%The partners decide to sell RADON 20% of their respective capital & profit or loss interests for atotal payment of P 90,000. RADON will pay the money directly to the other partners.After the admission of RADON under Bonus Method, the partners agreed to adjust their capitalbalances in proportion to the new Profit & Loss ratio.partnership?What are the capital balances of theHELIUMNEONARGONKRYPTONRADONP 144,000b.P 96,000P 86,400P 86,400P 98,400P 48,000P 155,200P 155,200P 173,200P 41,600P 41,600P 47,600P 32,000P 36,800P 36,800P 40,800P 80,000P 80,000P 90,000P 90,000C31./ Moe, Larry & Curly were partners with capital balances on January 2, 2012 of P 78,000, P36,000 & P 44,000 respectively. Their profit ratio is 5:3:2 while their capital interest ratio is 4:4:2.On July 1, 2012, Andy was admitted by the partnership for 26% interest in capital & 20% in profitsby contributing P 42,000 cash & the old partners agree to bring their interest to their old capital &profit interest sharing ratio. The partnership had a loss of P 18,000 before admission of Andy & thepartners agree to revalue its undervalued equipment by P 12,000.After admission, what is the capital balance of Curly?a. P 42,800b. Р 50,440C. P 42,000d. P 28,712Kurt, Eddie & Billy are partners with capital balances of P 34,900, P 26,400 & P 18,700respectively, sharing profits & losses in the ratio of 4:3:1. Evan is to be admitted as a new partnerbringing with him expertise & is to invest cash for a 28% interest in the partnership which includes adebit of P 4,940 for bonus upon his admission. How much cash should Evan contribute?32.

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The INERT partnership shows the following profit & loss ratio & capital balances: P 194,000 P 52,000 HELIUM P 108,000 P 46,000 45% NEON 30% ARGON 15% KRYPTON 10% The partners decide to sell RADON 20% of their respective capital & profit or loss interests for a total payment of P 90,000. RADON will pay the money directly to the other partners. After the admission of RADON under Bonus Method, the partners agreed to adjust their capital balances in proportion to the new Profit & Loss ratio. partnership? What are the capital balances of the HELIUM NEON ARGON KRYPTON RADON P 144,000 b P 155,200 P 155,200 d P 173,200 P 96,000 P 86,400 P 86,400 P 98,400 P 48,000 P 41,600 P 41,600 P 47,600 P 32,000 P 36,800 P 36,800 P 40,800 P 80,000 P 80,000 P 90,000 P 90,000 a C

The INERT partnership shows the following profit & loss ratio & capital balances: P 194,000 P 52,000 HELIUM P 108,000 P 46,000 45% NEON 30% ARGON 15% KRYPTON 10% The partners decide to sell RADON 20% of their respective capital & profit or loss interests for a total payment of P 90,000. RADON will pay the money directly to the other partners. After the admission of RADON under Bonus Method, the partners agreed to adjust their capital balances in proportion to the new Profit & Loss ratio. partnership? What are the capital balances of the HELIUM NEON ARGON KRYPTON RADON P 144,000 b P 155,200 P 155,200 d P 173,200 P 96,000 P 86,400 P 86,400 P 98,400 P 48,000 P 41,600 P 41,600 P 47,600 P 32,000 P 36,800 P 36,800 P 40,800 P 80,000 P 80,000 P 90,000 P 90,000 a C

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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6. A, B and C partnership shows the following profit and loss ratios and capital balances: A 60% P300,000 B 30% P120,000 10% P50,000 The partners decided to sell D 20% of their respective capital and profit and loss interests for a total payment of P90,000. D will pay directly to the partners. If the partners agreed to revalue the assets prior to the admission of D, what is the capital balance of C after D's admission?
Capital balances in the WXY partnership are W, Capital P 60,000, X Capital P 50,000 and Y Capital P40,000 Profits and losses are 5:3:2, respectively. The WXYZ partnership is formed by admitting Z to the partnership with a cash investment of P 60,000 for a 25% capital interest. The bonus to be credited to Y in admitting Z is: A. P10,000 B. P7,500 C. P3,750 D.1,500
21. The capital balances in BNM Partnership are: BBB, capital P600,000; NNN, capital 500,000and MMM, capital 400,000 and income ratio is 5:3:2, respectively. The BNM Partnership is formed by admitting FFF to the company with cash investment of P600,000 for a 25% interest in capital. What is the amount of bonus to be credited to MMM capital in admitting FFF? A. 100,000B. 75,000C. 37,500D. 15,000
of their respective capital & profit or loss interests for 20.000. RADON will pay the money directly to the other parthers. the admission of RADON under Bonus Method, the partners agreed to adjust their capital balances in proportion to the new Profit & Loss ratio. What are the fapital balances of the Me ma partnership? HELIUM/ (aP 144,000. P 155,200 P 155,200 P 173,200 of cap KRYPTON RADON P 80,000 P 80,000 P 90,000 P 90,000 NEON ARGON P 96,000 P 86,400 P 86,400 P 98,400 P 48,000 P 41,600 P 41,600 P 47,600 P 32,000 P 36,800 P 36,800 :32 P 40,800 31. 20arry & Curly were partners with capital balances on January 2, 2012 of P 78,000, P 50,000 & P44,000 respectively. Their profit ratio is 5:3:2 while their capital interest ratio is 4:4:2. on July 1, 2012, Andy was admitted by the partnership for 26% interest in capital & 20% in profits by contributing P 42,000 cash & the old partners agree to bring their interest to their old capital & profit interest sharing ratio. The partnership had a…
A B and C partnership shows the following profit and loss ratios and capital balances: A 60% 300000 B 30% 120,000 C 10% 50,000 The partners decided to sell D 20% of their respective capital and profit and loss interests for a total payment of 90,000. D will pay directly to the partners. If the partners agreed to revalue the assets prior to the admission of D, what is the capital balance of B after D's admission?
The capital balances in the ABC Partnership are: A B C 600,000 500,000 400,000 Profit ratios are 5:3:2, respectively. The ABC partnership is formed by admitting D into the firm with a cash investment of P600,000 for a 30% capital interest. Using the bonus method, compute the bonus to be debited to A's capital for admitting D.
Capital balances in the WXY partnership are W, Capital P 60,000; X Capital P 50,000 and Y Capital P40,000, Profits and losses are 5:3:2, respectively. The WXYZ partnership is formed by admitting Z to the partnership with a cash investment of P 60,000 for a 25% capital interest The bonus to be credited to Y in admitting Z is
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9. A, B and C partnership shows the following profit and loss ratios and capital balances: A 60% 300,000 B 30% 120,000 C 10% 50,000 The partners decided to sell D 20% of their respective capital and profit and loss interests for a total payment of 90,000. D will pay directly to the partners. If the partners agreed to revalue the assets prior to the admission of D, what is the capital balance of C after D's admission?
| balances: A (60%) P100,000; B (30%) P60,000; and C (10%) P20,000. A, B and C are partners with the following P/L ratio and capital Case 4: D wants to infuse capital to the partnership for a 10% interest in the net assets and profits. The partners determine that the net assets are fairly valued except for land carried at P365,000 but has a fair value of P410,000. If no bonus is to be given to any partner, how much is D's required investment?
4. X, Y, and Z have capital balances of P40,000.00, P50,000.00, and P18,000.00 and a profit – sharing ratio 4:2:1, respectively. If X received P8,000.00 upon liquidation of the partnership, the total amount received by partner Z was: a. P10,000.00 b. P 8,000.00 c. P34,000.00 d. P -0- 5. Assume the same facts in No. 4, above, except that X received P26,000.00 as a result of the liquidation. The total gain/loss on realization amounted to: a. P 3,500.00 b. P14,000.00 c. P 7,000.00 d. P24,500.00
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