Reference no: EM132656324
Assume the following data for GH partnership had the following condensed balance sheet:
ASSETS LIABILITIES and CAPITAL
Cash P3,000 Liabilities P9,000
Non-cash assets 39,000 G, capital (60%) 24,000
G, Loan 3,000 H, capital (40%) 12,000
Total P45,000 Total P45,000
The percentages represent their respective profits and losses. The partners agree to admit J as member of the firm.
Required:
Problem 1: Prepare the journal entries to record the admission of J, assuming:
a. J invests P12,000 for a 1/4 interest in the firm. Total firm capital is to be P48,000.
b. j invests P12,000 for a 35% interest in the firm. The total agreed capital after admission is to be P48,000.
c. J invests P12,000 for a 1/3 interest in the firm and is allowed a credit of P18,000 for his capital.
d. J contributed a tangible asset with a fair value of P30,000 with an assumed mortgage of P6,000 in exchange for a 30% interest in capital, keeping in mind that J would be acquiring a 1/4 interest in profits.
e. J must invest cash of P28,800 equivalent to 37.5% interest in a total agreed capital of P76,800. Included in the noncash assets is an equipment undervalued by P8,400.
f. j invests P18,000 for a 40% capital interest and a 25% interest in profits. Assuming a bonus approach.
g. j invests P18,000 for a 40% capital interest and a 25% interest in profits. Assuming a revaluation approach.
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