Vida, Vina, and Vita, sharing profits and losses 50%, 30% and 20%, have capital credit balances of P400,000, P300,000 and P200,000, respectively. They decided to admit a new partner, Vera to a 30% interest in the partnership upon Vera's investment of an amount equal to five-sixths of her capital credit with no asset adjustment recognized. Immediately after the admission of Vera, the capital credit balance of Vina will be: A. P300,000 B. P330,000 C. P318,000 D. P282,000
Vida, Vina, and Vita, sharing profits and losses 50%, 30% and 20%, have capital credit balances of P400,000, P300,000 and P200,000, respectively. They decided to admit a new partner, Vera to a 30% interest in the partnership upon Vera's investment of an amount equal to five-sixths of her capital credit with no asset adjustment recognized. Immediately after the admission of Vera, the capital credit balance of Vina will be: A. P300,000 B. P330,000 C. P318,000 D. P282,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Vida, Vina, and Vita, sharing profits and losses 50%, 30% and 20%, have capital credit balances of P400,000, P300,000 and P200,000, respectively. They decided to admit a new partner, Vera to a 30% interest in the partnership upon Vera's investment of an amount equal to five-sixths of her capital credit with no asset adjustment recognized. Immediately after the admission of Vera, the capital credit balance of Vina will be:
A. P300,000
B. P330,000
C. P318,000
D. P282,000
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education