Question: 30.What is the CORRECT answer? Assuming some assets at the partnership are net fairly valued; determine the capital balance of A1 immediatelyr after admission of

30.What is the CORRECT answer? Assuming some assets at the partnership

30.What is the CORRECT answer?

Assuming some assets at the partnership are net fairly valued; determine the capital balance of A1 immediatelyr after admission of A3. [5,}. [1 Point} A1 and A2 are partners in a retail business and divide profits sex to A1 and was to A2. Their capital balances at December 31,2019 are as fellows: A1 P 100.000 A2 - 130,000 The partners agree to admit A3 into the partnership on January 2,2020. A3 purchases 1,13 interest in the partnership capital and profits dlrectlu from A1 and A2 for P 150,000. 0 156.000 0 150.000 0 234.000 0 144.000

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Law Questions!

28.What is the CORRECT answer? Assuming the assets of the partnership are not fairly valued, determine the capital balance of A1 immediately after admission of A3. [ (1 Point) Al and A2 are partners...

A1 and A2 are partners in a retail business and divide profits 60% to A1 and 40% to A2. Their capital balances at December 31,2019 are as follows: A1 P 180,000 A2 - 180,000 The partners agree to...

please answer all the questions immediately thankyou If all the partners are insolvent and the non-cash assets were sold at P 50,000, How much did B receive in the final distribution of his interest?...

Select the correct answer for each of the following questions. Cash ........... $ 20,000 Other Assets......... 180,000 ................ $200,000 Liabilities ......... $ 50,000 Alex, Capital (40%)...

please answer all the questions immediately The capital balances of partners Lim and Jan before the admission of Wan were P 200,000 and P 300,000, respectively. Wan invested a certain amount for a...

The following information pertained to T. Lianza Corporation: Dividends on its 1,000 shares of 6%, P10 par value cumulative preference shares have not been declared for three years. Treasury stock...

please answer all the questions immediately thankyou 39 The capital balances of partners Lim and Jan before the admission of Wan were P 200,000 and P 300,000, respectively. Wan invested a certain...

Select the correct answer for each of the following questions. The following balance sheet is for the partnership of Alex, Betty, and Claire, and relates to questions 1 and 2 : 1. If the assets are...

Select the correct answer for each of the following questions. Note: The following balance sheet is for the partnership of Alex, Betty, and Claire in questions 1 and 2: Cash $ 20,000 Other Assets...

t he answers are wrong ,Please correct the answer APPENDIX A Home Depot 2018 Financial Statements Report of Independent Registered Public Accounting Firm Page A1 The Stockholders and Board of...

During the 2021/2022 Tax year, Porter Chrystan created the blind trust, an inter vivos trust to provide services to his psychiatry practice. The net income of the trust for the 2021/2022 tax year was...

A decrease in the quantity of resources available causes a movement from one point on a given PPF to another point along the same PPF. O a. True O b. False

The Moss Piano Company purchased a Delivery Truck on January 1 , 2 0 2 5 the cost of the asset, the salvage value and the useful life information is provided in the table below

Predict whether ammonium binoxalate would be acidic, basic, or neutral in water. Show all calculations.

The equilibrium constant, K, for the following reaction is 1.2010-2 at 500 K. PCI5(g) =PCl;(g)+ Cl2(g) An equilibrium mixture of the three gases in a 1.00 L flask at 500 K contains 0.295 M PCI5,...

9. The money multiplier process Aa Aa Suppose First Main Street Bank, Second Republic Bank, and Third Fidelity Bank all have zero excess reserves. The required reserve ratio is 20%. The Federal...

What do many organizations use to schedule and coordinate changes for information systems? Question 2 3 options: A . Impact analysis B . Backout plans C . Maintenance windows D . Version control

Do not go, wait until I come

Pay him, do not wait until I sign

Tell what you mean without sounding too dominant, i.e. show authority without sounding instructive