Reference no: EM133180790
Questions -
Q1. CK, a partner of AX and DG, decided to withdraw from the ACD Partnership. CK's share in the profits and losses was 25%, while that of AX and DG are 50% and 25% respectively. In the final settlement of his interest, he was paid P95,000, although the capital balance before his retirement was only P85,000. The P10,000 difference implied that an equipment of the partnership was undervalued. Prior to recording of CK's withdrawal, adjustment was made by the partnership to bring the equipment to its fair value. The total of partners' capitals before any adjustments and before CK's withdrawal was P340,000. What would be the partnership's net assets after the withdrawal of CK?
Q2. Juancho and Miguel entered into a partnership agreement wherein Juancho is to have a 60% interest in capital and profits while Miguel is to have a 40% interest in capital and profits. Juancho contributed the following non cash assets and enough cash to meet the 60% interest in capital.
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Book Value
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Fair Value
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Land
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P500,000
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P875,000
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Building
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1,250,000
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625,000
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Equipment
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375,000
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250,000
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There is a P250,000 mortgage on the building that the partnership agrees to assume. Miguel contributed P1,500,000 cash for his 40% interest in the firm.
How much is the total assets of the partnership after the formation?
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