How the paid by erwin be divided between levi and hanji

Assignment Help Accounting Basics
Reference no: EM133116550

Question - On January 1, 2021, Levi contributed P33,750 and Hanji contributed P56,250 to form a partnership and they agreed to share profits in the ratio of their original capital contributions. During the first year of operations, they made a profit of P16,240; Levi withdrew P4,840 and Hanji P1,400. On January 1, 2022, they agreed to admit Erwin into the partnership. He was to receive a three-eighth interest in the capital and profits upon payment of P48,640 to Levi and Hanji, whose capital accounts were to be reduced by transfers to Erwin's capital account of amounts sufficient to bring them back to their original capital ratio. How should the P48,640 paid by Erwin be divided between Levi and Hanji?

Reference no: EM133116550

Questions Cloud

How many rights will it take to buy a new share : The company is looking to raise $5,000,000. How many rights will it take to buy a new share via this rights offering if the company proceeds?
What is the balance in the accounts receivable account : What is the balance in the Accounts Receivable account at 12/31/Year 5? (I want the balance in this account specifically- do not give me "net realizable value"
Calculate annual cash flows in kshs : A direct foreign investment is a company domiciled in Kenya. It operates subsidiaries in several other African countries. The cash flow shown were forecasted
Describe cloud-based collaboration : Define and describe a SAN. Define collaboration. Define and describe cloud-based collaboration.
How the paid by erwin be divided between levi and hanji : On January 1, 2022, they agreed to admit Erwin into the partnership. How should the P48,640 paid by Erwin be divided between Levi and Hanji
Maturity risk premium : A 2-year Treasury security yields 7.4%. What is the maturity risk premium for the 2-year security? Round your answer to one decimal place.
What is the implied probability : On Sunday, February 13, 2022, at SoFi Stadium in Inglewood, California, over 100 million viewers in 200 countries will watch the American Football Conference (A
Multinational capital budgeting project : Research a current multinational enterprise (MNE) in regards to a multinational capital budgeting project, then discuss how they are implementing one of the rea
Explain utility and benefits of construct : Explain the utility and benefits of each construct listed below. Include two use cases in which each construct could be used in software development.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd