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I would really appreciate it if you could help me in answering even at least some of these questions. Assume the following data for China
I would really appreciate it if you could help me in answering even at least some of these questions.
Assume the following data for China and Philippines Partnership: Assets Liabilities and Capital Cash P 3,000 Liabilities P 9,000 Non-cash Assets 39,000 China, Capital 24,000 China, Loan 3,000 Philippines, Capital 12.000 Total Assets P 45,000 Total Liabilities & Capital P45,000 China and Philippines share profits and losses in the ratio of 60:40. The partners agree to admit Ameriu us member of the lints. Instruction: Prepare journal entries to record the admission of America, assuming: . America invests P12,000 for a 35% interest in the firm. The total agreed capital after admission is P48.000. b. America invests P12,000 for a one-third interest in the firm and is allowed a credit of P18,000 for his capital. C. America must invest or contribute cash of P28,800 equivalent to 37.50% interest in total agreed capital of P76,800. Included in the non-cash assets is an equipment undervalued by P8,400. d. America must invest P12,000 for a 45% interest in the firm. The total agreed capital after admission is P60,000 e America invests P18,000 for a 20% interest in the firm. The total agreed capital after admission is P72,000. t Amorica invests P7,200 for a 30interest in the firm. China and Philippines transfer part nf their capitals in that nf Americans n hones An equipment Rad in the husiness with a book value of P6,000 and a fair value of P3,600. America invests P18,000 for a one-fourth interest in the firm. China and Philippines Partnership's had other assets with a book value of P6,600 and a fair value of P11,400. Revaluation (Goodwill approach is recorded on the firm books prior to America's admission. h. America invests P18,000 for a 30% capital interest and a 40% interest in profits. Use bonus approach. America invests P18,000 for a 30% capital interest and a 40% interest in profits. Use revaluation (goodwill approachStep by Step Solution
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