U. 1 The capital accounts of the Guerrero and Alajar partnership on Sept. S0, 2013 were: Guerrero, Capital (75% profit percentage) 140,000 Alajar, Capital (25% profit percentage) 56,000 Total capital 196,000 On Oct.1, Franco was admitted to a 35% interest in the partnership when he purchased 35% of each existing partner's capital for P100,000, paid directly to Guerrero and Alajar. Required: Determine the capital balances of Guerrero, Alajar, and Franco after Franco's admission to the partnership. Show your computations. ACTIVITY NO. 2 Alcantara, Budoy and Dinoy have equities in a partnership of P600,000, P900,000 and P500,000, respectively, and share profits and losses in a ratio

U. 1 The capital accounts of the Guerrero and Alajar partnership on Sept. S0, 2013 were: Guerrero, Capital (75% profit percentage) 140,000 Alajar, Capital (25% profit percentage) 56,000 Total capital 196,000 On Oct.1, Franco was admitted to a 35% interest in the partnership when he purchased 35% of each existing partner's capital for P100,000, paid directly to Guerrero and Alajar. Required: Determine the capital balances of Guerrero, Alajar, and Franco after Franco's admission to the partnership. Show your computations. ACTIVITY NO. 2 Alcantara, Budoy and Dinoy have equities in a partnership of P600,000, P900,000 and P500,000, respectively, and share profits and losses in a ratio

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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