Reference no: EM133141688
Question - On January 1, 2019, Jan and Kan have capital balances of P 2,000,000 and P 2,750,000, respectively. On this day, they decided to admit Lan by making him contribute his land worth P 1,600,000 and cash of P 200,000 for a 30% interest in the partnership. Profit and loss ratio of Jan and Kan is 30:70.During 2019, the partnership incurred a net income of P 170,000. On January 1, 2020, the partners agreed to admit Man for a 20% interest in the partnership by making him pay 1,500,000 because on this date the land of the partnership is not fairly valued. The partnership earned a net income of P120,000 for year 2020. On December 31, 2020, Jan decided to retire from the partnership and the remaining partners agreed to pay him an amount equal to the book value of his capital at the time of his retirement from the partnership.
Required -
1. What is the balance of the capital account of Jan after the admission of Lan?
2. How much is the total partnership capital as of December 31, 2020?
3. What is the balance of the capital account of Kan after the admission of Lan?
4. How much is the total partnership capital after the admission of Man?
5. What is the balance of the capital account of Kan after the admission of Man?
6. How much is the capital balance of Kan as of December 31, 2020?
7. What is the balance of the capital account of Lan after the admission of Man?
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