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II. Admission by Purchase of Interest or Investment of Assets Part 1 Tom and Jerry are partners who share profits and losses in a ratio

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II. Admission by Purchase of Interest or Investment of Assets Part 1 Tom and Jerry are partners who share profits and losses in a ratio of 2:3, respectively, and have the following capital balances on Sept. 30, 2020. Tom, Capital, P 100,000 credit and Jerry, Capital, P 150,000 credit. The partners agreed to admit Ben to the partnership. Required: Calculate the capital balances of each partner after the admission of Ben, assuming that the bonuses are recorded for each of the following assumptions: Ben paid Tom P50,000 for 40% of his interest. Ben invested P 50,000 for a one-sixth interest in the partnership. C) Ben invested P 50,000 for 25% interest in the partnership. d) Ben invested P 50,000 for 15% interest in the partnership. II. Admission by Purchase of Interest or Investment of Assets Part 2 Angas, Sunget, and Pabebe are partners in Attitude Realty company. Their capital balances as at July 31, 2020, are as follows: Angas, Capital: 450,000; Sunget, Capital: 150,000 ; Pabebe, Capital: 300,000 Each partner has agreed to admit Pabida to the partnership. Required: Prepare the entries to record the dissolution event of the partnership under each of the following conditions: Pabida paid Angas P125,000 for 20% of Angas interest in the partnership. Pabida invested P200,000 cash in the partnership and received an interest equal to his investment. c) Pabida invested P300,000 cash in the partnership for a 20% interest in the business. A bonus is to be recorded for the original partners on the basis of their capital balances. Pabida invested P300,000 cash in the partnership for a 40% interest in the business. The original partners gave Pabida a bonus according to the ratio of their capital balances on July 31, 2020. Angas withdrew from the partnership, taking P525,000. The excess of withdrawn assets over Angas' partnership interest is distributed according to the balances of the Capital accounts. f) Angas withdrew by selling her interest directly to Pabida for P600,000. V. Withdrawal of a Partner Gwapo is retiring from the partnership of Ganda, Pedena, and Gwapo. The profit and loss ratio is 2:2:1, respectively. After the accountant has posted the revaluation and closing entries, the credit balances in the Capital accounts are: Ganda P530,000; Pedena, P430,000; and Gwapo, P210,000. Required: Journalize the journal entries to record the retirement of Gwapo under each of the following unrelated assumptions: a) Gwapo retires, taking P210,000 of partnership cash for her equity. b) Gwapo; retires, taking P270,000 of partnership cash for her equity

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