Moonboots Partnership had a net income of P8,000 for the month ended September 30, 2021. Sunshine purchased an interest in moonboots Partnership of Liz and Dick by paying Liz P32,000 for half of her capital and half of her 50% profit-sharing interest on October 1, 2021. At this time, Liz’s capital balance was P24,000 and Dick’s capital balance was P56,000. Sunshine should receive a credit to her capital balance of:
Moonboots Partnership had a net income of P8,000 for the month ended September 30, 2021. Sunshine purchased an interest in moonboots Partnership of Liz and Dick by paying Liz P32,000 for half of her capital and half of her 50% profit-sharing interest on October 1, 2021. At this time, Liz’s capital balance was P24,000 and Dick’s capital balance was P56,000. Sunshine should receive a credit to her capital balance of:
Chapter14: Choice Of Business Entity—operations And Distributions
Section: Chapter Questions
Problem 47P
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Moonboots
Sunshine should receive a credit to her capital balance of:
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