Nagisa and Karma are partners in an electrical repair business. Their respective capital balances are P90,000 and P50,000, and they share profits and losses equally. Because the partners are confronted with personal financial problems, they decided to admit a new partner to the partnership. After an extensive interviewing process, they elect to admit Isogai into the partnership.
Nagisa and Karma are partners in an electrical repair business. Their respective capital balances are P90,000 and P50,000, and they share profits and losses equally. Because the partners are confronted with personal financial problems, they decided to admit a new partner to the partnership. After an extensive interviewing process, they elect to admit Isogai into the partnership.
Chapter15: Partnership Accounting
Section: Chapter Questions
Problem 2PA: Arun and Margot want to admit Tammy as a third partner for their partnership. Their capital balances...
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Nagisa and Karma are partners in an electrical repair business. Their respective capital balances are P90,000 and P50,000, and they share
Required: Prepare the
1. Isogai invests P40,000 for a one-fifth interest in partnership capital. Revaluation method was used and other assets are to be recognized (use “Other Assets”).
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