Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

How much is the equipment contributed by Rogers? Romanoff and Barton are partners with capital balances of P60,000 and P70,000. Romanoff has a 30% interest

image text in transcribed

How much is the equipment contributed by Rogers?

Romanoff and Barton are partners with capital balances of P60,000 and P70,000. Romanoff has a 30% interest in the partnership profits and losses. At this time, the partnership decided to admit Stark and Rogers as new partners. Stark contributes cash of P165,000 for a 30% interest in the profits and losses and a 20% interest in the capital of the firm Rogers contributes cash of P20,000 and an equipment for a 35% interest in the profits and losses and a 25% interest in the firm's capital Barton receive a bonus of P38,325 after the admission of Starks and Rogers

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

Auditing And Assurance Services

Authors: By David N. Ricchiute

6th Edition

0324024029, 9780324024029

More Books

Students also viewed these Accounting questions

Question

please try to give correct answer 1 7 3 .

Answered: 1 week ago

Question

start to review and develop your employability skills

Answered: 1 week ago