Reference no: EM132861423
Question - A, B and C are partners sharing profits and losses in the ratio of 5:3:2, and have a capital ratio of 4:4:2, each respectively. As of Dec 31, 20x13, their capital balances were P285,000, P240,000 and P180,000 each respectively. On January 1, 20x14, the partners admitted D as a new partner and according to their agreement, D will contribute P240,000 in cash to the partnership and also pay P30,000 for 15% of B's share with the assets being adjusted. D will be given a 20% share in profits, while the original partners' share will be proportionately the same as before. After admission of D, the total capital will be P990,000 and D's capital will be P210,000.
Required -
1. The amount of asset revaluation will be?
a. P111,000 b.P45,000 c. P21,000 d. P66,000
2. The amount of bonus in the admission of D would be?
a. P66,000 b. P36,000 c. P60,000 d. P33,000
3. What is the capital of B after the admission of D?
a. 141,000 b. 177,000 c. 126,000 d. 147,000
|
What was the amount of raw materials used during the year
: A company has Raw materials inventory, If purchases of raw materials were $144,000 during the year, what was the amount of raw materials used during the year?
|
|
Immediate future situation including the care of newborn
: Describe and provide your rationale for two things you would do to help this family prepare for the immediate future situation including the care of a newborn.
|
|
What is the amount of allowable american opportunity credit
: What is the amount of his allowable American Opportunity Credit? Jack is a single individual with an AGI of $55,000. He has attended college for over four years
|
|
Proper exchange of electronic data
: Why is it important to ensure proper exchange of electronic data? What are the consequences if not followed properly?
|
|
What is the capital of b after the admission of d
: After admission of D, the total capital will be P990,000 and D's capital will be P210,000. What is the capital of B after the admission of D
|
|
Record the entries in the expanded accounting equation
: Record the entries in the expanded accounting equation using account names for (a) the payment of salaries on August 22, and the employer payroll costs
|
|
How much are company total liabilities after adjusting entry
: If the company reported total liabilities of $190,000 prior to adjusting entries, how much are the company's total liabilities after the adjusting entries?
|
|
The portrayal of women
: Find something that two of them have in common such as The portrayal of women.
|
|
Can you perform an arbitrage
: Can you perform an arbitrage assuming you have no XYZ shares in your portfolio? Ignore all other transaction costs
|