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Calculate the capital balances of each partner

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Reference no: EM132940869

Question - Espinas and Flores are partners who share profits and losses in a ratio of 2:3, respectively. They have the following capital balances on December 31, 2016:

Espinas, Capital ??P100,000 credit

Flores, Capital ???P150,000 credit

?The partners agree to admit Gonia to the partnership.

Required - FOR EACH OF THE INDEPENDENT ASSUMPTIONS BELOW:

(a) Calculate the capital balances of each partner. Record bonuses by preparing a bonus schedule, when appropriate, and

(b) Prepare the necessary journal entries.

a. Gonia paid Espinas P50,000 for 40% of his interest.

b. Gonia invested P50,000 for a 25% interest in the partnership.

c. Gonia invested P50,000 for a 15% interest in the partnership.

Reference no: EM132940869

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