Reference no: EM132830558
A condensed statement of financial position for AAA, BBB, and CCC appears below. AAA, BBB, and CCC share profits and losses in a ratio of 1:1:2, respectively.
SPECIAL TRANSACTIONS
Asset
Cash P100,000Inventory 125,000
Marketable Securities 200,000
Land 100,000
Building-net 500,000
Equities
AAA, capital P425,000
BBB, capital 400,000
CCC, capital 200,000
The partners agreed to admit DDD. The fair market value of the land is appraised at P200,000 and the market value of the marketable securities is P240,000. The assets are to be revalued prior to the admission of DDD and there is P30,000 asset revaluation that attaches to the old partnership.
Requirements:
Problem 1. Determine the total investment to be made by DDD.
Problem 2. Provide journal entries to give effect the investment of DDD.
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