30.The INERT partnership shows the following profit & loss ratio & capital balances:P 194,000P 52,000HELIUMARGON45%NEONP 108,00046,00030%15%KRYPTON10%The partners decide to sell RADON 20% of their respective capital & profit or loss interests for atotal payment of P 90,000. RADON will pay the money directly to the other partners.After the admission of RADON under Bonus Method, the partners agreed to adjust their capitalbalances in proportion to the new Profit & Loss ratio.partnership?What are the capital balances of theHELIUMNEONARGONKRYPTONRADONP 144,000b.P 96,000P 86,400P 86,400P 98,400P 48,000P 155,200P 155,200P 173,200P 41,600P 41,600P 47,600P 32,000P 36,800P 36,800P 40,800P 80,000P 80,000P 90,000P 90,000C31./ Moe, Larry & Curly were partners with capital balances on January 2, 2012 of P 78,000, P36,000 & P 44,000 respectively. Their profit ratio is 5:3:2 while their capital interest ratio is 4:4:2.On July 1, 2012, Andy was admitted by the partnership for 26% interest in capital & 20% in profitsby contributing P 42,000 cash & the old partners agree to bring their interest to their old capital &profit interest sharing ratio. The partnership had a loss of P 18,000 before admission of Andy & thepartners agree to revalue its undervalued equipment by P 12,000.After admission, what is the capital balance of Curly?a. P 42,800b. Р 50,440C. P 42,000d. P 28,712Kurt, Eddie & Billy are partners with capital balances of P 34,900, P 26,400 & P 18,700respectively, sharing profits & losses in the ratio of 4:3:1. Evan is to be admitted as a new partnerbringing with him expertise & is to invest cash for a 28% interest in the partnership which includes adebit of P 4,940 for bonus upon his admission. How much cash should Evan contribute?32.

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The INERT partnership shows the following profit & loss ratio & capital balances: P 194,000 P 52,000 HELIUM P 108,000 P 46,000 45% NEON 30% ARGON 15% KRYPTON 10% The partners decide to sell RADON 20% of their respective capital & profit or loss interests for a total payment of P 90,000. RADON will pay the money directly to the other partners. After the admission of RADON under Bonus Method, the partners agreed to adjust their capital balances in proportion to the new Profit & Loss ratio. partnership? What are the capital balances of the HELIUM NEON ARGON KRYPTON RADON P 144,000 b P 155,200 P 155,200 d P 173,200 P 96,000 P 86,400 P 86,400 P 98,400 P 48,000 P 41,600 P 41,600 P 47,600 P 32,000 P 36,800 P 36,800 P 40,800 P 80,000 P 80,000 P 90,000 P 90,000 a C

The INERT partnership shows the following profit & loss ratio & capital balances: P 194,000 P 52,000 HELIUM P 108,000 P 46,000 45% NEON 30% ARGON 15% KRYPTON 10% The partners decide to sell RADON 20% of their respective capital & profit or loss interests for a total payment of P 90,000. RADON will pay the money directly to the other partners. After the admission of RADON under Bonus Method, the partners agreed to adjust their capital balances in proportion to the new Profit & Loss ratio. partnership? What are the capital balances of the HELIUM NEON ARGON KRYPTON RADON P 144,000 b P 155,200 P 155,200 d P 173,200 P 96,000 P 86,400 P 86,400 P 98,400 P 48,000 P 41,600 P 41,600 P 47,600 P 32,000 P 36,800 P 36,800 P 40,800 P 80,000 P 80,000 P 90,000 P 90,000 a C

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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