TM and SJ, having capital balances of Php980,000 and Php525,000 respectively, decided to admit GD into their partnership. GD is to invest sufficient amount in order to have a 25% interest in the partnership. If TM and SJ share profit in a proportion of 3:1 respectively, and SJ’s capital balance after GD’s investment is Php589,750. How much was invested by GD?

TM and SJ, having capital balances of Php980,000 and Php525,000 respectively, decided to admit GD into their partnership. GD is to invest sufficient amount in order to have a 25% interest in the partnership. If TM and SJ share profit in a proportion of 3:1 respectively, and SJ’s capital balance after GD’s investment is Php589,750. How much was invested by GD?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Please answer, thanks!!
1
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?
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.
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?
Allan and Bobby formed a partnership called the AB Partnership by investing cash of P300,000 and P400,000 respectively. They share profit and loss ratio 2:3. Carlo of Singapore was admitted to the firm with an investment of P500,000 representing a 30% interest. Allan decided to withdraw on June 3, 2022 for a cash settlement of P650,000. The partners decided that assets need not be revalued. How much was total partners' equity after the retirement of Allan?
Anna and Ben formed a partnership with investments of P1,000,000 and P500,000, respectively. Net income is P210,000. The partners agreed on the following: 10% interest on original investments . Anna's salary allowance of 120,000 and Ben's salary allowance of P144,000 Balance 1:2 between Anna and Ben, respectively ● How much is Anna's share in the net income?
Katy and Perry who share profits and losses in the ratio of 3:7 are partners with capital balances of P40,000 and P60,000, respectively. Hermes is to be admitted into the partnership for 20% interest in the capital of the new partnership. If assets are revalued and the capital balances of Katy and Perry after recording the admission of Hermes are P52,000 and P88,000, respectively, how much will be the amount invested by Hermes?
Estephanie, Flordeliza, and Geralyn formed a partnership. Geralyn made a cash investment amounting to P 80,000. Given this information, how much is the expected total capital of the partnership if they desire equal capital balances?
A and B formed a partnership. A and B agreed to share the partnership's profit as follows: A to receive P10,000 salary per month and 5% bonus before salary and bonus • Partners receive P50,000 each for the interest on their average capital. Remainder is to be divided equally ● If A's share in the partnership loss was P80,000 for the year. Compute the partnership income (loss). Encode as a negative amount if the answer is a loss.-
Please help me
Peter, James, and John are partners with capital investments of P450,000, P350,000 and P500,000 respectively. Upon the formation of the business, the three agreed to share profits and losses in the ratio of 4:3:3. Andrew was admitted into the partnership by investing cash of P488,000 for a 30% interest in the partnership. How much is the bonus given by James to Andrew? Note: Round of answer to the nearest peso.