Problem #2 Formation of a Partnership Gogola and Paglinawan have just formed a partnership. Gogola contributed cash of P1,260,000 and computer equipment that cost P540,000. The fair value of the computer is P360,000. Gogola has notes payable on the computer of P120,000 to be assumed by the partnership. Gogola is to have 60% capital interest in the partnership. Paglinawan contributed only P900,000. The partners agreed to share profit and loss equally. Gogola should make an additional investment or (withdrawal) of

Problem #2 Formation of a Partnership Gogola and Paglinawan have just formed a partnership. Gogola contributed cash of P1,260,000 and computer equipment that cost P540,000. The fair value of the computer is P360,000. Gogola has notes payable on the computer of P120,000 to be assumed by the partnership. Gogola is to have 60% capital interest in the partnership. Paglinawan contributed only P900,000. The partners agreed to share profit and loss equally. Gogola should make an additional investment or (withdrawal) of

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Problem #3 Formation of Partnership. Gogola and Paglinawan have just formed a partnership.Gogola contributed cash of P1,260,000 and a computer equipment that cost P540,000.The fair value of the computer is P360,000.Gogola has notes payable on the computer of P120,000 to be assumed by the partnership.Gogola is to have 60% capital interest in the partnership.Paglinawan contributed only P900,000.The partners agreed to share a profit and loss equally. Gogola should make an additional investment (withdrawal) of
Problem #4 Formation of a Partnership Gogola and Paglinawan have just formed a partnership. Gogola contributed cash of P1,260,000 and computer equipment that cost P540,000. The fair value of the computer is P360,000. Gogola has notes payable on the computer of P120,000 to be assumed by the partnership. Gogola is to have 60% capital interest in the partnership. Paglinawan contributed only P900,000. The partners agreed to share profit and loss equally. Gogola should make an additional investment or (withdrawal) of
Partnerships: Basic Considerations and Formation 473 NAME: SCORE: SECTION: PROFESSOR: Problem #2 Formation of a Partnership Gogola and Paglinawan have just formed a partnership. Gogola contributed cash of P1,260,000 and computer equipment that cost P540,000. The fair value of the computer is P360,000. Gogola has notes payable on the computer of P120,000 to be assumed by the partnership. Gogola is to have 60% capital interest in the partnership. Paglinawan contributed only P900,000. The partners agreed to share profit and loss equally. Gogola should make an additional investment or (withdrawal) of
PROBLEM 1 Melvin Tan Jr. and Edgar Esparaguera are partners who have capital balances and profit and loss ratio to be shared as follows: Capital Balances P350,000 P400,000 P/L Ratio 3/5 M. Tan Jr. 2/15 E. Esparaguera Mr. Wilfredo Carreon was admitted in the partnership by buying 2 of the interest of Esparaguera for P300,000. Required: Prepare a journal entry to record the admission of Mr. Carreon in the partnership.
Who will receive the proceeds from the sale? Answer: 3 How much is the personal gain or loss assuming that Jamili pays Abuzo for P200,000? Answer: 4. How much is the capital credit of Jamili upon admission? Answer: 5. Assuming, Jamili pays Abuzo in the amount of P170,000, how much is the personal gain or loss of Abuzo? Answer:
Problem 1: On January 1, 20x1, Rody and Noy formed a partnership. Rody and Noy contributed the following assets at formation: Rody Noy Cash 25,000 37,500 Inventory 18,750 Building 50,000 Equipment 18,750 The building is subject to a P12,500 mortgage, which was assumed by the partnership. They share profit and loss in the ratio of 60:40. Assuming Rody will invest (withdraw) cash so that his capital balance will equal to his profit and loss ratio, what is the total asset of the partnership after formation? (The correct answer is 246,875 but I need a solution/explanation)
Question 1. Vann and Jhane capital are P480000 and P520,000 respectively. Profit sharing ratio is 4:6. Tin invested P500,000 for a 30% interest in the partnership. What is the capital of Vann after admitting Tin? Question 2. In the AD partnership, Adam's capital is Php140,000 and David's is Php40,000 and they share income in a 3:1 ratio, respectively. They decide to admit David2 to the partnership. David2 invests Php40,000 for a one-fifth interest in the total capital of Php220,000. What is the journal to record David's2 admission into the partnership? Question 3: In the AD partnership, Adam's capital is Php140,000 and David's is Php40,000 and they share income in a 3:1 ratio, respectively. They decide to admit David2 to the partnership. David2 invests Php40,000 for a one-fifth interest in the total capital of Php220,000. What are the capital balances of David2 after being admitted into the partnership? Question 4: In the AD partnership, Adam's capital is Php140,000 and David's is…
Problem IIGI-HUN, SANG-WOO and SAE-BYEOK are partners of Push-it Partnership.Their capital balances are GI-HUN - P300, SANG-WOO - P180 and SAE-BYEOK - P140.The following are their agreement in their profit sharing:25% bonus to GI-HUN based on profit after deducting the said bonus.SANG-WOO and SAE-BYEOK will be given 10% interest each on their capital balances.The remaining profits will be shared in the ratio of 3:3:2 for GI-HUN, SANG-WOO and SAE-BYEOKrespectively.5. How much is the profit share of GI-HUN if the profit is P3306. How much will be the income (loss) if the share of GI-HUN is P487. How much will be the income (loss) if the share of SANG-WOO is P158. How much will be the income (loss) if the share of SAE-BYEOK is P2
2.6 Pancho invites Villa in his business. The following accounts appear in the ledger of Pancho prior to the admission of Villa: P 15,000 30,000 3,000 25,000 18,000 55,000 Cash Accounts Receivable Allowance for Impairment Loss Inventory Equipment (net) Accounts Payable Villa is to make investment of P 25,000 in cash and is equivalent to 40% of the agreed total capital of the new partnership. It is also agreed that the following adjustments slhould be made: 1. The allowance for impairment loss account should be increased by P 80o0. 2. Unused office supplies of P 500 are to be recognized. 3. Goodwill of Pancho is to be recognized. REQUIRED: a. How much is the goodwill of Pancho? b. Prepare journal entries assuming new set of books will be used.
Problem II. GI-HUN, SANG-WOO and SAE-BYEOK are partners of Push-it Partnership. Their capital balances are GI-HUN - P300, SANG-WOO P180 and SAE-BYEOK-P140. The following are their agreement in their profit sharing: 25% bonus to GI-HUN based on profit after deducting the said bonus.. SANG-WOO and SAE-BYEOK will be given 10% interest each on their capital balances. The remaining profits will be shared in the ratio of 3:3:2 for GI-HUN, SANG-WOO and SAE-BYEOK respectively. 7. How much will be the income (loss) if the share of SANG-WOO is P15?
Problem II. GI-HUN, SANG-WOO and SAE-BYEOK are partners of Push-it Partnership. Their capital balances are GI-HUN - P300, SANG-WOO P180 and SAE-BYEOK-P140. The following are their agreement in their profit sharing: 25% bonus to GI-HUN based on profit after deducting the said bonus.. SANG-WOO and SAE-BYEOK will be given 10% interest each on their capital balances. The remaining profits will be shared in the ratio of 3:3:2 for GI-HUN, SANG-WOO and SAE-BYEOK respectively. 5. How much is the profit share of GI-HUN if the profit is P330?
Problem #4 Admission by Investment of Assets Dapun, Boyo, and Dino have equities in a partnership of P600,000, P900,000, and P500,000, respectively, and share profits and losses in a ratio of 2:1:2, respectively. The partners have agreed to admit Amolo to the partnership. Required: Prepare the journal entries to record the admission of Amolo to the partnership under each of the following assumptions: 1. Amolo invested P500,000 for a 30% interest, and bonus is recorded for Amolo. 2. Amolo invested P750,000 for a one-fifth interest, and bonus is recorded for the old partners.