Whs t the bonus will be for curry

Assignment Help Financial Accounting

Reference no: EM132641433

As of the year ending December 31,2019, Beyond the Arc incurred losses amounting to P20,000 as there was no revenue during the two-month period and only recorded depreciation amounting to P20,000. On the same date, the partnership admitted Curry, with him investing cash amounting to P500,000 for a 1/3 interest. The partnership is contemplating whether to use the bonus or asset revaluation method in admitting Curry.

Problem 1: If bonus method is to be used in admitting Curry, the bonus will be

Option 1: P233,000 from Curry to old partners

Option 2: P140,000 from the old partners to Curry

Option 3: P140,000 from Curry to old partners

Option 4: P300,000 from Curry to old partners

Reference no: EM132641433

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