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Question - Admission by Investment of Assets - Mendez and Mercado are partners in 2M Partnership with capital balances of P550,000 and P350,000, respectively, they share in the income and loss in the ratio 1:3, respectively. The partners are considering the admission of Serrano.
Required - Compute the capital balance of each of the partners (old & new) after the admission of Serrano under each of the following independent assumptions. d. Serrano is to receive 20% interest in the partnership upon investing P200,000 cash Net assets of the partnership are fairly valued. Serrano is to be admitted using the bonus method.
How much is the capital balance of Mendez after the admission of Serrano?
How much is the capital balance of Manalo after the admission of Serrano?
How much is the capital credit of Serrano upon his admission to the partnership?
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In the Mac Chiz partnership, Mac's capital is P140,000 and Chiz' is P40,000 and they share income in a 3:1 ratio, respectively. They decide to admit Pepper to.
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