Pal and Mall are partners with capital of P200, 000 and P100,000and sharing profits and losses 3:1 respectively. They agree to admit Kent as partner, Kent invests P 150,000for a 50% interest in the firm. Pal and Mall transfer part of their capitals to Kent as a bonus. a) Journalize admission of Kent b) Capital Balance of Partner Mall after admission of Kent

Pal and Mall are partners with capital of P200, 000 and P100,000and sharing profits and losses 3:1 respectively. They agree to admit Kent as partner, Kent invests P 150,000for a 50% interest in the firm. Pal and Mall transfer part of their capitals to Kent as a bonus. a) Journalize admission of Kent b) Capital Balance of Partner Mall after admission of Kent

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter15: Partnership Accounting

Section: Chapter Questions

Problem 14MC: Thandie and Marco are partners with capital balances of $60,000. They share profits and losses at...

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