Question
On December 31, 2018, the Statement of Financial Position of ABC Partnership provided the following data with profit or loss ratio of 5:1:4: Current Assets
On December 31, 2018, the Statement of Financial Position of ABC Partnership provided the
following data with profit or loss ratio of 5:1:4:
Current Assets P 1,500,000 Total Liabilities P 500,000
Noncurrent Assets 2,000,000 A, Capital 1,100,000
B, Capital 1,200,000
C, Capital 700,000
On January 1, 2019, D is admitted to the partnership by investing P500,000 to the partnership for
10% capital interest. The total agreed capitalization of the new partnership is P3,000,000.
1.
What is the share of A in the asset impairment?
2.
What is the amount of bonus given by D to the existing partners?
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