Data on CFL Partnership show the following: Partner Clarence Florence Lawrence Problem 2 - Purchase of...
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Data on CFL Partnership show the following: Partner Clarence Florence Lawrence Problem 2 - Purchase of Interest Data on CFL Partnership show the following: Partner Capital Required: a. Prepare journal entries to record the admission of Terence, using: 1. Bonus approach Clarence Florence Lawrence Terence is to be admitted into the partnership with an investment of PHP 75.000 for a 25% interest in the capital, profit and losses of the firm. PHP 60,000 80,000 60,000 Revaluation of assets b. Prepare journal entries to record the admission of Terence if, instead of investing into the partnership, he purchases his interest from the partners at the same PHP 75,000, and: i. Bonus method is used II. Implicit goodwill is to be recorded Capital Revaluation of assets Goodwill is to be recognized i. II. PHP 60,000 P&L Sharing Ratio 2 80,000 60,000 Required: a. Prepare journal entries to record the admission of Terence, using: L Bonus approach 4 4 Terence is to be admitted into the partnership with an investment of PHP 50,000 for a 25% Interest in the capital, profit and losses of the firm. P&L Sharing Ratio 2 4 4 b. Prepare journal entries to record the admission of Terence if, instead of investing into the partnership, he purchases his interest from the partners at the same PHP 50,000, and: Bonus method is used Implicit goodwill is to be recorded Data on CFL Partnership show the following: Partner Clarence Florence Lawrence Problem 2 - Purchase of Interest Data on CFL Partnership show the following: Partner Capital Required: a. Prepare journal entries to record the admission of Terence, using: 1. Bonus approach Clarence Florence Lawrence Terence is to be admitted into the partnership with an investment of PHP 75.000 for a 25% interest in the capital, profit and losses of the firm. PHP 60,000 80,000 60,000 Revaluation of assets b. Prepare journal entries to record the admission of Terence if, instead of investing into the partnership, he purchases his interest from the partners at the same PHP 75,000, and: i. Bonus method is used II. Implicit goodwill is to be recorded Capital Revaluation of assets Goodwill is to be recognized i. II. PHP 60,000 P&L Sharing Ratio 2 80,000 60,000 Required: a. Prepare journal entries to record the admission of Terence, using: L Bonus approach 4 4 Terence is to be admitted into the partnership with an investment of PHP 50,000 for a 25% Interest in the capital, profit and losses of the firm. P&L Sharing Ratio 2 4 4 b. Prepare journal entries to record the admission of Terence if, instead of investing into the partnership, he purchases his interest from the partners at the same PHP 50,000, and: Bonus method is used Implicit goodwill is to be recorded
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Answer Problem 1 Here are the journal entries to record the admission of Terence into the CFL Partne... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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