Reference no: EM132668533
Problem 1: PV, BK and TF were partners in Omaha Partnership. Their profit ratio is 50%, 30%, 20%, while their original capital interest ratio is 4:4:2. On July 1, 2014, JP was admitted by the partnership for 20% interest in capital and 25% in profits by contributing P87,500 cash, and the old partners agree to bring their interest to their original capital and profit interest sharing ratio. JP is the recipient of the transfer of capital of P280,000 from the existing partners. The partnership had net income of P210,000 before admission of JP and the partners agree to revalue its overvalued equipment by P35,000. Capital balance of BK increased by P10,500 as a result of the admission of JP, while the capital balance of TF at the start of the year is P700,000. What is the capital balance of PV at the start of the year?
Problem 2: On December 30, 2014, the Statement of Financial Position of DG Co. has the following balances: Total assets of P2,250,000, VL loan P125,000, VL capital P518,750, MD capital P481,250 and LV capital P1,125,000. The partners share profits and losses in the ratio of 25% to VL, 25% to MD and 50% to LV. It was agreed among the partners that VL retires from the partnership and the partnership assets be adjusted to their fair value of P2,550,000 as of December 31, 2014. The partnership also suffered net loss of P750,000. The partnership would pay VL the amount of P542,500 cash for his total interest in the partnership. What is the total capital of MD after retirement of VL?
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