Answered step by step
Verified Expert Solution
Link Copied!

Question

...
1 Approved Answer

please provode solutions Daza, Diaz, and Ditas are partners with capital balances of P80,000, P120,000 and P160,000, respectively. They share profits and losses in the

please provode solutions

image text in transcribed
Daza, Diaz, and Ditas are partners with capital balances of P80,000, P120,000 and P160,000, respectively. They share profits and losses in the ratio of 3:4:3. Diaz decides to withdraw from the partnership. Diaz receives p150,000 in settlement of his interest. If the bonus method is used, what is the total partnership capital immediately after the retirement of Diaz? Cheng, Chavez and Chato are partners sharing profits and losses in the ratio of 4:3:3, respectively. The condensed statement of financial position of the partnership shows as of December 31, 2020 the following: Cash - P100,000; Other Assets - P260,000; Liabilities - P80,000; Cheng, Capital - P120,000; Chavez, Capital - P80,000; Chato, Capital - P80,000. All the partners agree to admit Cua as 1/6 partner in the partnership without any asset revaluation nor bonus. Cua shall contribute assets amounting to Daza, Diaz, and Ditas are partners with capital balances of P80,000, P120,000 and P160,000, respectively. They share profits and losses in the ratio of 3:4:3. Diaz decides to withdraw from the partnership. Diaz receives p150,000 in settlement of his interest. If the bonus method is used, what is the capital balance of Ditas immediately after the retirement of Diaz? * Cardel desires to purchase a one-fourth capital and profit and loss interest in the partnership of Cariaso, Carino and Carillo. The three partners agree to sell Cardel one-fourth of their respective capital and profit and loss in exchange for a total payment of P200,000. The profit and loss ratio and capital balances of the partners are as follows: Cariaso (60%) - P400,000; Carino (30%) - P200,000; and Carillo (10%) - P100,000. If assets are to be revalued prior to the admission of Cardel, what would be the capital balance of Cariaso after admission of Cardel? *

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

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

Managerial Accounting Creating Value in a Dynamic Business Environment

Authors: Ronald Hilton, David Platt

10th edition

978-0078025662

Students also viewed these Accounting questions