Tina, Lou and Lena are partners sharing profits and losses in the ratio of 1:2:2 and have a capital balances of P600,000, P300,000, P500,000 respectively. Rod will purchase 2/3 of Tina's interest, paying her directly for an amount less than P50,000 Compute the Capital balances of the partners after Rod admission Tina, Capital al Lou, Capital Lena, Capital C. P. Rod, Capital Rod pays P250,000 to Lou for a 1/2 of her share in the partnership. Partners' aggree that it is time to revaluate the assets of the partnership, using as a basis the amount Rod is willing to pay. Compute the Capital balances of the partners after Rod admission el Tina, Capital S. 2) Lou, Capital Rod, Capital Rod pays P250,000 to Lou for a 1/2 of her share in the partnership. Partners' aggree that it is time to revaluate the assets of the partnership, using as a basis the amount Rod is willing to pay. Compute the Capital balances of the partners after Rod admission e Tina, Capital Lou, Capital 6. Lena, Capital Rod, Capital Rod wll invest P1,200,000 for 1/2 interest in the partnership and be given a goodwill credit. How much is? Rod. Capital (including goodwill) Tina, Capital (after rod admission)

Tina, Lou and Lena are partners sharing profits and losses in the ratio of 1:2:2 and have a capital balances of P600,000, P300,000, P500,000 respectively. Rod will purchase 2/3 of Tina's interest, paying her directly for an amount less than P50,000 Compute the Capital balances of the partners after Rod admission Tina, Capital al Lou, Capital Lena, Capital C. P. Rod, Capital Rod pays P250,000 to Lou for a 1/2 of her share in the partnership. Partners' aggree that it is time to revaluate the assets of the partnership, using as a basis the amount Rod is willing to pay. Compute the Capital balances of the partners after Rod admission el Tina, Capital S. 2) Lou, Capital Rod, Capital Rod pays P250,000 to Lou for a 1/2 of her share in the partnership. Partners' aggree that it is time to revaluate the assets of the partnership, using as a basis the amount Rod is willing to pay. Compute the Capital balances of the partners after Rod admission e Tina, Capital Lou, Capital 6. Lena, Capital Rod, Capital Rod wll invest P1,200,000 for 1/2 interest in the partnership and be given a goodwill credit. How much is? Rod. Capital (including goodwill) Tina, Capital (after rod admission)

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter15: Partnership Accounting

Section: Chapter Questions

Problem 1PA: The partnership of Tatum and Brook shares profits and losses in a 60:40 ratio respectively after...

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The partnership of Michelle, Amal, and Maureen has done well. The three partners have shared profits and losses in a 1:3 ratio, with capital balances of $60,000 each. Maureen wants to retire and withdraw. Prepare a schedule showing how the cost should be divided if Amal and Michelle decide to pay Maureen $70,000 for retirement of her capital account and the new agreement will share profits and losses 50:50.
The partnership of Tatum and Brook shares profits and losses in a 60:40 ratio respectively after Tatum receives a 10,000 salary and Brook receives a 15,000 salary. Prepare a schedule showing how the profit and loss should be divided, assuming the profit or loss for the year is: A. $40,000 B. $25,000 C. ($5,000) In addition, show the resulting entries to each partners capital account. Tatums capital account balance is $50,000 and Brooks is $60,000.
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The partnership of Magda and Sue shares profits and losses in a 50:50 ratio after Mary receives a $7,000 salary and Sue receives a $6,500 salary. Prepare a schedule showing how the profit and loss should be divided, assuming the profit or loss for the year is: A. $10,000 B. $5,000 C. ($12,000) In addition, show the resulting entries to each partners capital account.
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