Prepare entries to record the admission

Assignment Help Accounting Basics

Reference no: EM132757775

Question: X and Y are considering the admission of Z into the partnership. X and Y share income and loss in the ratio of 2:4, respectively. X's capital balance is P480,000 and Y's capital balance is P360,000.

Required: Prepare entries to record the admission of Z into the partnership under each of the following independent assumptions:

1. Z acquired one-third of the interest of X paying P160,000.

2. Z acquired one-third of the interest of Y paying P70,000.

Reference no: EM132757775

Questions Cloud

Sharing something unique about your background : Introduce yourself to your peers by sharing something unique about your background.

Which capture the total costs of a janitorial department : Department (M) cost and a Maintenance Department that includes not only $250,000 of direct costs but also 40% of the Janitorial Department?

Describe the cultural identifier : Describe the cultural identifier and why you chose it. Explain your connection to your choice of cultural identifiers.

Describe the accounting treatment required : Describe the accounting treatment required by the Codification for each alternative. Support your explanations with draft journal entries

Prepare entries to record the admission : X and Y are considering the admission of Z into the partnership. X and Y share income and loss in the ratio of 2:4, respectively. X's capital balance.

Model code of ethics for educators : which action would best represent ethical standards? Include evidence from the Model Code of Ethics for Educators and Professional Dispositions of Learners.

Calculate the Net Present Value of the project : The upgrade is forecasted to result in annual revenue, starting two years from now at $6,500,000. Calculate the Net Present Value of the project

What is downstreams income statement for the period : The small faucet to the right of your desk emitted a sputtering sound and bursts of white foam, rather than the liquid gold you'd become accustomed to.

Compute the effective annual rate : Question - Compute the effective annual rate (EAR) if the fortnightly annual percentage rate (APR) is 7%

User Account

All Pages