Reference no: EM132949261
Question - Prepare the journal entries in the books of the partnership under each of the following independent cases:
1. Partners A and B have capitals of P60,000.00 and P90,000.00 respectively. They share profits and losses equally. They agree to admit C into the partnership. C is to contribute P24,000.00 in cash but he will receive a capital credit of P30,000.00 for a 1/6 interest in the firm.
2. M and N are partners with capitals of P75,000.00 and P60,000.00 respectively. They share profits and losses as follows: M, 60%; and N, 40%. They agree to admit O to the partnership. O will contribute P60,000.00 cash and will receive a credit for the same amount representing ¼ interest in the capital of the firm.
3. X and Y have capitals of P40,000.00 and P60,000.00 respectively. They share profit and losses equally. They agree to admit Z to the partnership. Z is to contribute P16,000.00 in cash for a 1/6 interest in the new agreed capital of P116,000.00.
4. C and D have capitals of P25,000.00 and P20,000.00 respectively. They share profit and losses as follows: C, 3/5; D, 2/5. They agree to admit E to the partnership. E is to invest P20,000.00 in cash for a 25% interest in the total capital of P65,000.00.
5. A and B are partners with capital investments of P20,000.00 and P30,000.00 respectively. They share profits and losses equally. B with the consent of A sells to C one-half of his interest in the firm for P18,000.00. The original partnership agreement between A and B is terminated and a new partnership agreement is executed among A, B and C.
How the event should be disclosed in face
: A corporation with a balance sheet date of December 31. How the event should be disclosed in face and note of the December 31, 2021 financial statements.
|
Compute the equivalent units of production for materials
: Compute the equivalent units of production for materials using the FIFO method and Compute the equivalent units of production for conversion
|
Describe key investment method that organization can deploy
: Describe three key investment methods that the organization can deploy as part of cash utilization to optimize returns. Provide qualitative analysis to justify
|
Explain how economic forces such as employment
: Explain how economic forces such as employment, income, prices, interest rates, and consumer confidence influence the purchasing decisions you make as a cnsumer
|
Prepare the journal entries in the books of the partnership
: Prepare journal entries in books of the partnership under each of the following independent cases: Partners A and B have capitals of P60,000.00 and P90,000.00
|
What is the investor initial utility of wealth
: What is the investor's initial utility of wealth? Report your response to four decimal places.
|
Compute recaptured depreciation
: What would be the cost of long-term debt for JT Bhd and Compute recaptured depreciation
|
How much was the gain or loss on the repossession
: Bass Co. uses perpetual inventory system and records the total deferred gross profit at the time of sales. How much was the gain or loss on the repossession
|
How much is the ending balance of the receivable
: Silent night co. uses the installment sales, If silent night co. recognizes realized gross profit of 180,000, how much is the ending balance of the receivable?
|