Answered step by step
Verified Expert Solution
Question
1 Approved Answer
7. Aldo, Bert and Chris formed a partnership April 30, with following assets,, Aldo Bert Chris Cash P10.000 P12.000 P30,000 Delivery trucks 150,000 28,000 Computers
7. Aldo, Bert and Chris formed a partnership April 30, with following assets,, Aldo Bert Chris Cash P10.000 P12.000 P30,000 Delivery trucks 150,000 28,000 Computers 8,500 5.100 Office furniture 3.500 2.500 Totals P168,500 P46,800 P32.500 Although Chris has contributed the most cash to the partnership, he did not have the full amount of P30,000 available and was forced borrow P20,000. The delivery truck allocated by Aldo has mortgage of P90,000 and the partnership is to assume responsibility for the loan. The partners are to be made outside the partnership. Using the Bonus Method: a. Bert and Chris should pay Aldo, P4,600 and P20,700 respectively. b. Aldo should pay Bert and Chris, P25,300. C. Bert should pay Aldo, P25,300 and Chris P20,700
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started