Reference no: EM133127092
Questions -
Q1. A, B and C share profits in the ratio of 2:3:5. On January 2, 2021 C opted to retire from the partnership. The capital balances on this date follow:
A, Capital P 175,000
B, Capital 280,000
C, Capital 245,000
At what amount should the capital account of A be debited assuming C was paid P273,000 by the partnership in full settlement of his interest?
Q2. A and B are partners who share profits and losses in the ratio of 6:4, respectively. On May 1, 2021, their capital accounts were as follows:
Partner A P 60,000
Partner B 50,000
On that date, C was admitted as partner with one-third interest in capital, and profits for an investment of P40,000. The new partnership began with total capital of P150,000. Immediately after C's admission, how much is A's capital?
Q3. The following information pertains to ABC Partnership of A, B and C:
A, Capital (20%) P 200,000
B, Capital (30%) 200,000
C, Capital (50%) 300,000
On this date, the partners agreed to admit D into the partnership. Assuming D purchased 50% from all the partners A, B, and C and pays total amount of P500,000. How much would be the personal gain of Partner A for selling his 50% interest to D?
Q4. A, B and C are partners with capital balances of P100,000, P150,000 and P250,000 and shares profit 30:40:30, respectively. A withdrew from the partnership and was given P 86,000 as settlement for his interest in the partnership. How much is the capital balance of B after the retirement of A?
Q5. A, B, and C are partners with capital balances of P784,000, P2,730,000 and P1,190,000 respectively, sharing profits and losses in the ratio of 3:2:1. D is admitted as a new partner bringing with him expertise and is to invest P588,000 cash for a 25% interest in the partnership. How much bonus will be credited in the capital of partner D?
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