Answer to Question #324807 in Accounting for kate

Question

A.   Partner’s G and M have capital account balances of P30,000 and P20,000 respectively. They share profits and losses 3 :1 ratio .

 

Required Prepare journal entries to record the admission of of P under each of the following condition.

1.   P invested P30,000 for a one fourth interest in the net asset;the total partnership capital after p”s admission will be P80,000.

2.   P invested P30,000 of which P10,000 is a bonus to G and M in conjunction with admission of Padilla , the carrying amount of the inventories is increased by P16,000. Padilla’s capital accounts is credited for P20,000.

Answer 1

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