Reference no: EM132786886
Jim and Joe are partners agreeing to share profits and losses in a 2:6 ratio, respectively. Business has been profitable and they have decided to admit Jewel to the partnership for a cash investment. The balances in Jim and Joe's capital accounts are presently Php240,000 and Php260,000, respectively.
Problem 1: If Jewel is given a 20% interest in the partnership in exchange for Php90,000 cash, the entry to record her investment includes a:
a) credit to Jim, capital for Php7,000
b) credit to cash for Php90,000
c) credit to Jewel, capital for Php90,000
d) credit to Jewel, capital for Php118,000
Problem 2: If Jewel is given a 25% interest in the partnership in exchange for Php200,000, the entry to record her investment includes a:
a) credit to Jim, capital for Php6,250
b) debit to Joe, capital for Php18,750
c) credit to Jewel, capital for Php200,000
d) debit to Jewel, capital for Php175,000
Problem 3: If Jewel is given a 15% interest in the partnership in exchange for Php100,000, the entry to record her investment includes a:
a) credit to Jewel, capital for Php100,000
b) debit to Jim, capital for Php6,250
c) credit to Jim, capital for Php6,250
d) credit to Joe, capital for Php7,500
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