Our topic is about Partnership Dissolution.see the picture attached for the problemThe partners decided to admit Lewis as a new partner with 25% interest. No bonus to be recorded. How much cash must Lewis contribute?After the admission of Lewis with 25% interest, what is the percentage share of Lewis, Leroy, and Lester in the profits and losses? The following is the condensed statement of financial position of the partnership ofLeroy, Leslie and Lester who share profits and losses in the ratio of 5:4:3.CashP 300,000 Accounts Payable1,100,000 Payable - Partner Leslie100,000 Leroy, CapitalLeslie, CapitalLester, CapitalP 200,000Other Assets100,000Receivable - Partner Lester500,000400,000300,000Total Liabilities and Capital P1,500,000Total AssetsP1,500.000

Partnership is the firm organized by two or more people for carrying a business with sharing of…

Answered: topic is about Partnership Dissolution.…

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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Our topic is about Partnership Dissolution.

see the picture attached for the problem

The partners decided to admit Lewis as a new partner with 25% interest. No bonus to be recorded. How much cash must Lewis contribute?
After the admission of Lewis with 25% interest, what is the percentage share of Lewis, Leroy, and Lester in the profits and losses?

The following is the condensed statement of financial position of the partnership of
Leroy, Leslie and Lester who share profits and losses in the ratio of 5:4:3.
Cash
P 300,000 Accounts Payable
1,100,000 Payable - Partner Leslie
100,000 Leroy, Capital
Leslie, Capital
Lester, Capital
P 200,000
Other Assets
100,000
Receivable - Partner Lester
500,000
400,000
300,000
Total Liabilities and Capital P1,500,000
Total Assets
P1,500.000

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