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 1PA: The partnership of Tatum and Brook shares profits and losses in a 60:40 ratio respectively after...

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