Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

29. Mapue was paid 25,000 from the partnership cash account for his withdrawal from the partnership of Holgado, Halili, and Mapue. Their capital balances were

image text in transcribedimage text in transcribedimage text in transcribed

29. Mapue was paid 25,000 from the partnership cash account for his withdrawal from the partnership of Holgado, Halili, and Mapue. Their capital balances were P40,000, P60,000, and P35,000, respectively. Income and loss is shared according to the ratio of equity balances. The journal entry to record the withdrawal of Mapue would NOT include: * (2 points) a debit to Holgado's capital account for 2,000 a debit to Mapue's capital account for 35,000 a credit to cash for 25,000 a credit to Halili's capital account for 6,000 27. Glaiza and Sheila are partners with capital investments of P400,000 and P600,000 respectively for a 4/5 interest. They share profits in the ratio of 60% for Liza and 40% for Laila. With the consent of all partners, Liezel was accepted as a new partner for a cash investment of P200,000. How much capital will be credited to Dyesabelupon her admission? * (2 points) OP200,000 OP240,000 O P250,000 OP125,000 25. On March 31, 2020, Karen admits Lanie for an interest in his business. On this date, Karen's capital account shows a balance of P250,175. The following were agreed upon before the formation of the partnership. 1. Prepaid expenses of P11,200 and accrued expenses of P4,500 are to be recognized. 2. 4% of the outstanding accounts receivable of P90,000 of Karen is to be recognized as uncollectible. 3. Lani is to be credited with a 45% interest in the partnership and is to invest cash aside from the Equipment with a book value of P48,000 and a fair value of P46,500. How much is the adjusted capital of Karen and the new capital of the partnership?* (2 points) P253,275 and P207.225 P207,225 and P460,500 P253.275 and P460,500 P159,225 and P207,200

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Sound Investing, Chapter 25 - Change In Auditors

Authors: Kate Mooney

3rd Edition

0071719474, 9780071719476

More Books

Students also viewed these Accounting questions

Question

Identify and discuss learning style differences across cultures

Answered: 1 week ago