Question 16: In the JAC partnership, Jay's capital is Php80,000, Antz's is Php75,000, and Chris's is Php50,000. They share income in a 3:2:1 ratio, respectively. Chris is retiring from the partnership.Chris is paid Php56,000, and all implied goodwill is recorded. What is the total amount of goodwill recorded?

Question 17. In the AD partnership, Adam's capital is Php140,000 and David's is Php40,000 and they share income in a 3:1 ratio, respectively. They decide to admit David 2 to the partnership. David 2 directly purchases a one-fifth interest by paying Adam Php34,000 and David Php10,000. The land account is increased before David 2 is admitted.By what amount is the land account increased?

Question 18. In the AD partnership, Adam's capital is Php140,000 and David's is Php40,000 and they share income in a 3:1 ratio, respectively. They decide to admit David 2 to the partnership. Adam and David agree that some of the inventory is obsolete. The inventory account is decreased before David 2 is admitted. David 2 invests Php40,000 for a one-fifth interest.What are the capital balance of David 2 in the partnership?

Question 19. In the AD partnership, Adam's capital is Php140,000 and David's is Php40,000 and they share income in a 3:1 ratio, respectively. They decide to admit David 2 to the partnership. Adam and David agree that some of the inventory is obsolete. The inventory account is decreased before David 2 is admitted. David invests Php40,000 for a one-fifth interest. What are the capital balance of Adam after David 2 is admitted into the partnership?

Question 20. In the AD partnership, Adam's capital is Php140,000 and David's is Php40,000 and they share income in a 3:1 ratio, respectively. They decide to admit David 2 to the partnership. David 2 directly purchases a one-fifth interest by paying Adam Php34,000 and David Php10,000. The land account is increased before David 2 is admitted.What are the capital balances of David 2 after being admitted into the partnership?

Question 21. If Rainier retired and received P41,000, by how much will the adjusted capital of Raymond be higher or (lower) than Roy under specific revaluation of asset method (specific revaluation)?

Question 22. If Rainier retired and received P43,500, by how much will the adjusted capital of Roy under revaluation of the asset method be traceable to the entire entity (full revaluation)?