Tina, Lou and Lena are partners sharing profits and losses in the ratio of 1:2:2 and have a capital balances of P600,000, P300,000, P500,000 respectively. Rod will purchase 2/3 of Tina's interest, paying her directly for an amount less than P50,000 Compute the Capital balances of the partners after Rod admission Tina, Capital al Lou, Capital Lena, Capital C. P. Rod, Capital Rod pays P250,000 to Lou for a 1/2 of her share in the partnership. Partners' aggree that it is time to revaluate the assets of the partnership, using as a basis the amount Rod is willing to pay. Compute the Capital balances of the partners after Rod admission el Tina, Capital S. 2) Lou, Capital Rod, Capital Rod pays P250,000 to Lou for a 1/2 of her share in the partnership. Partners' aggree that it is time to revaluate the assets of the partnership, using as a basis the amount Rod is willing to pay. Compute the Capital balances of the partners after Rod admission e Tina, Capital Lou, Capital 6. Lena, Capital Rod, Capital Rod wll invest P1,200,000 for 1/2 interest in the partnership and be given a goodwill credit. How much is? Rod. Capital (including goodwill) Tina, Capital (after rod admission)

Tina, Lou and Lena are partners sharing profits and losses in the ratio of 1:2:2 and have a capital balances of P600,000, P300,000, P500,000 respectively. Rod will purchase 2/3 of Tina's interest, paying her directly for an amount less than P50,000 Compute the Capital balances of the partners after Rod admission Tina, Capital al Lou, Capital Lena, Capital C. P. Rod, Capital Rod pays P250,000 to Lou for a 1/2 of her share in the partnership. Partners' aggree that it is time to revaluate the assets of the partnership, using as a basis the amount Rod is willing to pay. Compute the Capital balances of the partners after Rod admission el Tina, Capital S. 2) Lou, Capital Rod, Capital Rod pays P250,000 to Lou for a 1/2 of her share in the partnership. Partners' aggree that it is time to revaluate the assets of the partnership, using as a basis the amount Rod is willing to pay. Compute the Capital balances of the partners after Rod admission e Tina, Capital Lou, Capital 6. Lena, Capital Rod, Capital Rod wll invest P1,200,000 for 1/2 interest in the partnership and be given a goodwill credit. How much is? Rod. Capital (including goodwill) Tina, Capital (after rod admission)

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter15: Partnership Accounting

Section: Chapter Questions

Problem 1EB: The partnership of Michelle, Amal, and Maureen has done well. The three partners have shared profits...

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2. Tina, Lou and Lena are partners sharing profits and losses in the ratio of 2:2:1 and have capital balances of P400,000, P400,000 and P200,000, respectively. The following independent situations are given to you: (see attached image for the given. please answer it based on your knowledge. thank you so much) Direction: a. How much did Rod pay Lena in situation a? Record the admission of Rod. b. How much is the gain or loss of the partners in situation b? Record Rod's admission c. How much should the asset revaluation be in situation c? Make two entries and prepare a revised partners equity.
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