Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please show solution The capthia PROBLEM 2- 13 andie indiesble ismIs equinor-xiatorff dod On Presented below is the condensed statement of financial position of the

please show solution

image text in transcribed
The capthia PROBLEM 2- 13 andie indiesble ismIs equinor-xiatorff dod On Presented below is the condensed statement of financial position of the App asse the Partnership: oldsysq estoll 000,erq pa Cash oldsuso P85,000 Liabilities aldavis P80,000 P1 Other assets I 415,000 AA, capital (60%) 252,000 val BB, capital (30%) ton 126,000M H 000,28 000.81 CC, capital (10%) 42,000 Total L P500,000 Total P500,000 vismmive smoon The partners agreed to sell DD 20% of their respective capital and profit or loss interests for a total payment of P90,000. 19dmoss no beedis el friboobs Vidfarmife omoorder How much is the capital balance of each partner after the admission of DD? brus Clegg PROBLEM 2 - 14 AA and BB are partners who share profits and losses in the ratio of 7:3, respectively. On January 1, 2021, their respective capital accounts were as follows: AA, P35,000; BB, P30,000. ount of thefarther On that date, they agreed to admit CC as a partner with a one-third interest in the capital and profits and losses, and upon his investment of P25,000. The new partnership will begin with a total capital of P90,000ud ,sbrigid bris arlenTT mlcal Required: 5 000 814 - sdefT :090.819 - mineleesonsind libero Isitgso gnitwollots 1. How much is the capital balance of each partner after admission of CC?090 061- 2. Assuming that the agreed capital was P100,000, how much is the capital balances of each partner after admission of CC? cenodibroo gaiwollol

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

Financial and Managerial Accounting

Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac

12th edition

978-1133952428, 1285078578, 1133952429, 978-1285078571

Students also viewed these Accounting questions