Solution-Make compound entries in journal form

Make compound entries in journal form

Assignment Help Accounting Basics

Reference no: EM132566941

Question - Angel and Damon are partners with capital balances of P25,000 and P50,000, respectively. They share profits in the ratio of 4:6. Mark is to be admitted as a partner by making investment. The agreed new capital after the admission of Mark is to be P100,000. The new profit and loss sharing ratio is 3:4:3.

Required: For each of the following independent cases below, make compound entries in journal form.

a. Mark invests P25,000 for a 1/4 interest in the new capital.

b. Mark invests P20,000 for a 1/5 interest in the new capital.

c. Mark invests P20,000 for a 1/4 interest in the new capital.

d. Mark invests P25,000 for a 1/5 interest in the new capital.

e. Mark invests P25,000 for a 30% interest in the new capital.

f. Mark invests P20,000 for a 15% interest in the new capital.

g. Mark invests P15,000 for a 30% interest in the new capital.

h. Mark invests P20,000 for a 22% interest in the new capital.

Reference no: EM132566941

Questions Cloud

Which process was the most exothermic : One purpose of this lab was to demonstrate and maybe prove Hess's Law. When I performed the lab I got the following:

Flame tests and atomic emission : This question is based on Lab 8, Flame Tests and Atomic Emission:

What are your recommendations to john : What are your recommendations to John? How would you convince John to accept your recommendations knowing that he is a very conservative investor

What is advice to fred : What is advice to Fred? In future harvests, should he sell the number three apples or dump them? Explain your answer by preparing an income statement

Make compound entries in journal form : Angel and Damon are partners with capital balances of P25,000 and P50,000, respectively. Make compound entries in journal form

What criteria should masoa based on in order to recognize : Accounting for Government Grant (IAS 20) has two approaches when it comes to its recognition period in accounting treatment. Briefly explain

Prepare working paper for the statement of Liquidation : They sold their non-cash assets for a lump sum of P280,000, which increased the firm's cash to P300,000. Prepare working paper for the statement of Liquidation

Number of particles of the element : In a chemical analysis, a sample of a substance with the mass of 88.2 g has shown to contain only one type element.

Which of sara lee variances will be affected : What is Sara Lee likely to do to its standards-based on this increase in price and which standards will be impacted? Which of Sara Lee's variances will be affec

User Account

All Pages

Make compound entries in journal form

Reference no: EM132566941

Reference no: EM132566941

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT