Aguilar, Sustrina and Bigalbal are partners in Cavite Realty Company. Their capital balances as at July...

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Aguilar, Sustrina and Bigalbal are partners in Cavite Realty Company. Their capital balances as at July 31, 2020, are as follows: Aguilar, Capital 450,000 cr Sustrina, Capital 150,000 cr Bigalbal, Capital 300,000 cr Each partner has agreed to admit Pascual to the partnership. Required: Prepare the entries to record Pascual's admission to or Aguilar's withdrawal from the partnership under cach of the following conditions: a. Pascual paid Aguilar P125,000 for 20% of Aguilar's interest in the partnership. b. Pascual invested P200,000 cash in the partnership and received an interest equal to her investment. c. Pascual invested P300,000 cash in the partnership for a 20% interest in the business. A bonus is to be recorded for the original partners on the basis of their capital balances. d. Pascual invested P300,000 cash in the partnership for a 40% interest in the business. The original partners gave Pascual a bonus according to the ratio of their capital balances on July 31, 2020. e. Aguilar withdrew from the partnership, taking P525,000. The excess of withdrawn assets over Aguilar's partnership interest is distributed according to the balances of the Capital accounts. f. Aguilar withdrew by selling her interest directly to Pascual for P600,000. Aguilar, Sustrina and Bigalbal are partners in Cavite Realty Company. Their capital balances as at July 31, 2020, are as follows: Aguilar, Capital 450,000 cr Sustrina, Capital 150,000 cr Bigalbal, Capital 300,000 cr Each partner has agreed to admit Pascual to the partnership. Required: Prepare the entries to record Pascual's admission to or Aguilar's withdrawal from the partnership under cach of the following conditions: a. Pascual paid Aguilar P125,000 for 20% of Aguilar's interest in the partnership. b. Pascual invested P200,000 cash in the partnership and received an interest equal to her investment. c. Pascual invested P300,000 cash in the partnership for a 20% interest in the business. A bonus is to be recorded for the original partners on the basis of their capital balances. d. Pascual invested P300,000 cash in the partnership for a 40% interest in the business. The original partners gave Pascual a bonus according to the ratio of their capital balances on July 31, 2020. e. Aguilar withdrew from the partnership, taking P525,000. The excess of withdrawn assets over Aguilar's partnership interest is distributed according to the balances of the Capital accounts. f. Aguilar withdrew by selling her interest directly to Pascual for P600,000.

Answer rating: 100% (QA)

Agular Capital S450000 x 20 Pascual Capital A 9000000 9000000 B Cash 20000000 Pascual C... View the full answer