Reference no: EM133134546
Question 1 - P1, P2, and P3 are partners in XYZ Inc. Their capital balances on Dec 31, Year 5, are $275,991 for P1, $383,361 for P2, and $203,158 for P3. Among these partners on this date, the income sharing ratios are 40.93% for P1, 37.42% for P2, and the remainder for P3. On Jan 1, Year 6, a new partner P4 invests $162,272 in XYZ Inc for a one-fifth (20%) interest in capital. In the journal entry to admit the new partner P4, how much capital will be credited or debited to P4 on Jan 1 using the ASSET REVALUATION method?
a. $162,272
b. $158,215
c. $170,386
d. $154,158
e. $166,329
Question 2 - P1, P2, and P3 are partners in XYZ Inc. Their capital balances on Dec 31, Year 5, are $177,495 for P1, $118,332 for P2, and $147,914 for P3. Among these partners on this date, the income sharing ratios are 33.25% for P1, 45.10% for P2, and the remainder for P3. On Jan 1, Year 6, P1 will retire from the partnership and will be paid $213,651 as a return of capital. In the journal entry to record the retirement, how much capital will be credited or debited to P3 on Jan 1 using the BONUS method?
a. $11,141
b. $11,434
c. $10,847
d. $10,554
e. $11,727
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