Prepare the journal entry(s) for the admission of IU to the partnership assuming IU invested P260,000 for the ownership interest. IU paid the money directly to Romel and to Jennie for 30% of each of their respective capital interests. Use Book value Method. Prepare the journal entry(s) for the admission of IU to the partnership assuming IU invested P320,000 for the ownership interest. IU paid the money to the partnership for a 35% interest in capital and earnings. Use the Bonus Method.

Prepare the journal entry(s) for the admission of IU to the partnership assuming IU invested P260,000 for the ownership interest. IU paid the money directly to Romel and to Jennie for 30% of each of their respective capital interests. Use Book value Method. Prepare the journal entry(s) for the admission of IU to the partnership assuming IU invested P320,000 for the ownership interest. IU paid the money to the partnership for a 35% interest in capital and earnings. Use the Bonus Method.

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter14: Partnerships And Limited Liability Entities

Section: Chapter Questions

Problem 2BD

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