Reference no: EM133134095
Question - In 2019, Castillo and Cordova established a partnership. Their operations have been very successful. Since Castillo devotes full-time to the business and Cordova, part-time, they share profits and losses in the ratio of 7:3, respectively. At the beginning of 2021, Coloma expressed his interest in joining the partnership. The capital balances of Castillo, and Cordova on this date are P560,000 and P840,000, respectively.
Prepare the entries to record the admission of Coloma into the partnership under the following independent assumptions:
a. Coloma invests P350,000 cash for a one-fifth interest in the partnership.
b. Coloma invests P500,000 cash for a one-fourth interest in net assets, the bonus method is used.
c. Coloma invests P700,000 cash for a one-fourth interest in net assets, the asset revaluation method is used.
d. Coloma pays Castillo and Cordova a total of P550,000 for one-fourth of their respective capital interest.
e. Coloma pays Castillo and Cordova a total of P350,000 for one-fifth of their respective capital interest; no asset revaluation is undertaken prior to the admission of Coloma.
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