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please provide computation thanks. SECTION: PROFESSOR: Multiple Choice 1. The following is the condensed statement of financial position of the partnership of Ricablanca, Tac-an, and
please provide computation thanks.
SECTION: PROFESSOR: Multiple Choice 1. The following is the condensed statement of financial position of the partnership of Ricablanca, Tac-an, and Andres who share profits and losses in the ratio of 4:33: cah 110.000 Other Auss Accounts Payable 420,009 1,660,000 PayabilePartner Andres 60.000 Face Partner cablanca 40.000 Rablanca, Capital 620.000 Tacan, Capital 400.000 Andres Capital 380.000 P1.380.000 P1,380,000 Assume that the assets and liabilities are fairly valued on the statement of financial position and the partnership decides to admit Leon as a new partner, with a 20% interest: No goodwill or bonus is to be recorded. How much cash must Leon contribute? a. P280,000 b. P284,000 CP350,000 d. P355,000 2. On June 30, 2018, the statement of financial position for the partnership of Villon, Obrero and Bernal, together with their respective profit and loss ratio, were as follows: Assets, at cost PIR0.000 Vion Loan P 9.000 Vitor Capital (204) 42,000 Obrero, Capital (20) 39.000 Bernal, Capital 90.000 180.000 Villon had decided to retire from the partnership. By mutual agreement, the assets are to be adjusted to their fair value of P216,000 at June 30, 2018. It was agreed that the partnership would pay Villon P61,200 cash for Villon's partnership interest, including Villon's loan which is to be repaid in full. No goodwill is to be recorded After Villon's retirement, what is the balance of Obrero's capital account? 3. P36,450 c. P45,450 d. 16,200 b. 39.000 Desolution. Changes in Owen 167Step by Step Solution
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