Gardo, a sole proprietor, admitted Ling as partner to form GALING Partnership. The business assets and...
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Gardo, a sole proprietor, admitted Ling as partner to form GALING Partnership. The business assets and liabilities prior to admission of Ling amounted to P275,000 and P75,000 respectively. Partners agreed to share profits and losses equally by contributing equal amount of capital to the partnership. If the sole proprietorship's assets are valued at P200,000, how much cash should Gardo (withdraw) or additionally contribute in order to formally establish the partnership with total capitalization of P350,000? On January 5, 2021, Alma, Brenda and Cathy formed a partnership with these initial investments: Alma - cash of P75,000; Brenda - furniture and fixtures with original cost of P100,000, book value of P70,000 and fair value of P 80,000; Cathy - equipment with cost of P180,000, carrying value of P90,000 and sound value of P125,000. The partnership accepted responsibility for P40,000 mortgage attached to the property contributed by Conrad. The partnership agreement specifies that profits and losses are to be shared equally but is silent regarding capital contributions. How much is the total net assets immediately after partnership formation? Marites, Marilyn and Melody formed the Tres Marias partnership with the following contributions: Marites - cash P50,000: Marilyn - machines with fair value of P40,000 and book value of P50,000; Melody enough cash and an equipment which is mortgaged at P20,000. If Marites, Marilyn and Melody must have interest in capital and profits and losses in the ratio of 5:4:3, respectively, how much is the total assets after partnership formation? How much should be Kong's capital upon partnership formation? King and Kong formed a partnership with these contributions: Cash Inventory Land and building Furniture and fixtures King P50,000 Kong P 30,000 140,000 70,000 The partnership shall assume the P70,000 mortgage loan on the land and building. The partners agreed to share profits and losses equally and that their initial capital credit follows their profit and loss ratio. Gardo, a sole proprietor, admitted Ling as partner to form GALING Partnership. The business assets and liabilities prior to admission of Ling amounted to P275,000 and P75,000 respectively. Partners agreed to share profits and losses equally by contributing equal amount of capital to the partnership. If the sole proprietorship's assets are valued at P200,000, how much cash should Gardo (withdraw) or additionally contribute in order to formally establish the partnership with total capitalization of P350,000? On January 5, 2021, Alma, Brenda and Cathy formed a partnership with these initial investments: Alma - cash of P75,000; Brenda - furniture and fixtures with original cost of P100,000, book value of P70,000 and fair value of P 80,000; Cathy - equipment with cost of P180,000, carrying value of P90,000 and sound value of P125,000. The partnership accepted responsibility for P40,000 mortgage attached to the property contributed by Conrad. The partnership agreement specifies that profits and losses are to be shared equally but is silent regarding capital contributions. How much is the total net assets immediately after partnership formation? Marites, Marilyn and Melody formed the Tres Marias partnership with the following contributions: Marites - cash P50,000: Marilyn - machines with fair value of P40,000 and book value of P50,000; Melody enough cash and an equipment which is mortgaged at P20,000. If Marites, Marilyn and Melody must have interest in capital and profits and losses in the ratio of 5:4:3, respectively, how much is the total assets after partnership formation? How much should be Kong's capital upon partnership formation? King and Kong formed a partnership with these contributions: Cash Inventory Land and building Furniture and fixtures King P50,000 Kong P 30,000 140,000 70,000 The partnership shall assume the P70,000 mortgage loan on the land and building. The partners agreed to share profits and losses equally and that their initial capital credit follows their profit and loss ratio.
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1 Determine the total net assets immediately after partnership formation Almas cash contribution P75000 Brendas furniture and fixtures fair value P80000 Cathys equipment sound value P125000 Total asse... 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
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