The partnership of Dina and Zia has assets of P 2,000,000 and liabilities of P 600,000. The capital balances of the partners are P 800,000 and P 600,000 respectively. Their old profit and loss sharing ratio is 60:40. They are inviting Heeka to join the partnership. If Heeka invests P 500,000 and will be give a 20% interest in the new partnership, how much will the adjusted capital of Dina after admission of Heeka? P 800,000 P 1,140,000 P 872,000 P860,000 Using the same information in no.6, how much is the capital credit given to Heeka in the new partnership? P 380,000 P 500,000 P 350,000 Answer not given

The partnership of Dina and Zia has assets of P 2,000,000 and liabilities of P 600,000. The capital balances of the partners are P 800,000 and P 600,000 respectively. Their old profit and loss sharing ratio is 60:40. They are inviting Heeka to join the partnership. If Heeka invests P 500,000 and will be give a 20% interest in the new partnership, how much will the adjusted capital of Dina after admission of Heeka? P 800,000 P 1,140,000 P 872,000 P860,000 Using the same information in no.6, how much is the capital credit given to Heeka in the new partnership? P 380,000 P 500,000 P 350,000 Answer not given

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter15: Partnership Accounting

Section: Chapter Questions

Problem 3EA: The partnership of Tasha and Bill shares profits and losses in a 50:50 ratio, and the partners have...

See similar textbooks

Similar questions

The partnership of Tasha and Bill shares profits and losses in a 50:50 ratio, and the partners have capital balances of $45,000 each. Prepare a schedule showing how the bonus should be divided if Ashanti joins the partnership with a $60,000 investment. The partners new agreement will share profit and loss in a 1:3 ratio.
Daphne, Buddy, and Divine have equities in a partnership of P600,000, P900,000, and P500,000, respectively, and share profits and losses in a ratio of 2:1:2, respectively. The partners have agreed to admit Amy to the partnership. If Amy invested P500,000 for a 30% interesAnst how much is Amy’s capital credit? Answer without peso signs but with commas.
What is the answer to this question?
How much is Iram's adjusted capital?
JM and PK, having capital balances of P2,940,000 and P1,575,000 respectively, decided to admit CY into their partnership. CY is to invest sufficient amounts in order to have a 25% interest in the partnership. If JM and PK share profit in a proportion of 3:1, respectively, and PK’s capital balance after CY’s investment was P1,769,250. How much was invested by CY? A. 2,546,250 B. 2,541,000 C. 3,522,750 D. 1,764,000
Jocelyn and Juvelyn decide to form a partnership. Jocelyn invests P25,000 cash and accounts receivable of P30,000 less allowance for doubtful accounts of P2,000. Juvelyn contributes P20,000 cash and equipment having a P6,000 book value. It is agreed that the allowance account should be P3,000 and the fair market value of the equipment is P10,000. How much should the capital of Jocelyn be credited?
Ariel, Bambi and Cindy put up a partnership with a P120,000 capital. They agreed that Ariel will contribute 13, Bambi 38%, and Cindy for the balance. 50 a. How much is the capital contribution of each partner? b. What is the fractional part of Cindy's capital contribution? (answer should be in fraction.
Lay and Zayn sell electronic equipment and supplies through their partnership. They wish to expand their computer lines and decide to admit Lulu to the partnership. Lay capital is P100,000 while Zayn capital is P80,000 and they share income in a ratio of 3:2. Lulu invests P40,000 for a one fifth interest in the total capital of P220,000 What is the capital of partner Zayn after admission of the new partner?
A and B start a partnership by investing P24,000 and P36,000 respectively. Their agreement is to share half of the total profit equally and then share the remaining half in the ratio of their capital. If they share the entire profit in the ratio of their capitals, B would have got P2500 more than what she would have got otherwise. What is the total profit ?
Fiona and Gary are partners' with capital balances of P200,000 and P800,000 respectively. They agreed to accept Romy who will contribute cash P500,0000.00 Romy will be given a 25% interetst in the partnership. Use Bonus method, compute the following Fiona, Capital a b Gary, Capital Romy, Capital Romy will be given a 40% interetst in the partnership. Asset is to be revalued, compute the following Fiona, Capital Gary, Capital Romy, Capital
Bruce, Parker and May formed a partnership. Their capital balances showed the following: Bruce, Capital P252,000; Parker, Capital- P126,000; May, Capital- P42,000. Their profit and loss ratio are 6:3:1. The partners decide to sell 20 percent of their interest to Violet for a total payment of P120,000. Violet will pay the money directly to the other partners. How much was the bonus debited or credited in paetner Bruce's capital accounts?
Bruce, Parker, and May formed a partnership. Their capital balances showed the following: Bruce, Capital – P252,000; Parker, Capital – P126,000; May, Capital – P42,000. Their profit and loss ratio are 6:3:1. The partners decide to sell 20 percent of their interest to Violet for a total payment of P120,000. Violet will pay the money directly to the other partners. How much was the bonus debited or credited in partner Bruce’s capital account? Please provide a good accounting form in the solution