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Record the journal entries of the admission of zizan

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Question - Partnership Dissolution - Asset Revaluation or Goodwill Method

Maxi and Muning are partners with capital balances of P400,000, and 200,000 respectively. They share profits and losses in the ratio of in the ratio of their capital balances. They decided to admit Zizan in the partnership.

Required -

1. Record the journal entries of the Admission of Zizan.

2. Compute for the capital balances of the partners after the admission of Zizan under the following assumptions: (The capital balances are balances in the TAC column)

a. Zizan is to invest P400,000 for 20% interest. Admission is to be accounted under asset revaluation method

b. Zizan is to invest P400,000 for 20% interest. Admission is to be accounted under asset goodwill method

c. Zizan is to invest P200,000 for 15% interest. Total agreed capital is 1,100,000. Admission is to be accounted under asset revaluation method and bonus method.

d. Zizan is to invest P200,000 for 25% interest. Total agreed capital is 1,100,000. Admission is to be accounted under asset revaluation method and bonus method.

Reference no: EM132555943

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