Question
Case a . Harry and Potter are partners with capital balances of P120,000 and P80,000, respectively. Their P/L ratio is 3:2. Hogwarts will invest P40,000
Case a. Harry and Potter are partners with capital balances of P120,000 and P80,000,
respectively. Their P/L ratio is 3:2. Hogwarts will invest P40,000 for 1/6
interest in the partnership capital and share 40% share in profit and loss.
b. Harry and Potter are partners with capital balances of P120,000 and P80,000,
respectively. Their profit and loss ratio is 3:2. Hogwarts will invest P40,000 for
1/8 interest in the partnership capital and profit and loss.
c. Harry and Potter are partners with capital balances of P120,000 and P80,000,
respectively. Their P/L ratio is 3:2. Hogwarts will invest P40,000 for 1/5 interest in the partnership capital and profit and loss.
Required: Journal entries for the above independent cases and computations in good
form.
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Artificial Intelligence In Accounting Practical Applications
Authors: Cory Ng, John Alarcon
1st Edition
0367542013, 978-0367542016
