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Determine the adjustment made to the partnership assets

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Reference no: EM132859639

Problem -

1. A, B and C share profits and losses by allowing A and C to receive salaries of P20,000 each, Salary of P9,000 to B and a 25% bonus to B after bonus. The remainder is divided in a 5:2:3 ratio to A, B and C each respectively.

If A and C received a total of P30,000, how much will be B's bonus?

If A and C received a total of P30,000, how much is the share of C?

If A and C received a total of P30,000, how much will B's receive?

If A and C received a total of P30,000, how much is the partnership net income?

2. A, B and C share profits and losses in the ratio of 7:2:1, respectively. D is to be admitted into the partnership upon her cash investment for a 15% interest in the partnership. D's adjusted capital in the new partnership is P60,000 with a capital credit of P10,000. The old partner's capital total P500,000 before D's admission. The new partner's capital was used as basis for the partnership's new capital.

Determine the adjustment made to the partnership's assets.

Determine the net adjustment to be made to B's capital after the admission of D.

Reference no: EM132859639

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