Uno, Dos and Tres are partners sharing profit on a 7:2:1 ratio. On January 1, 2020,...
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Uno, Dos and Tres are partners sharing profit on a 7:2:1 ratio. On January 1, 2020, Singko was admitted into the partnership with 15% share in profits. The old partners continued to participate in profits in the original ratios. For the year 2020, the partnership showed profits of P15,000. However, it was discovered in 2020 that the following items were omitted in the firm's books: Unrecorded at year- end Accrued expense Accrued income Prepaid expense Unearned income 2019 P1400 1.225 2020 P1,050 875 The only changes on the old partner's capital during 2020 were the net income allocation and the correcting entries. After effecting the correcting entries for the unrecorded transactions, how much a the change on Uno's capital during 2020? After effecting the correcting entries for the unrecorded transactions, how much is the change on Tres' capital during 2020? Uno, Dos and Tres are partners sharing profit on a 7:2:1 ratio. On January 1, 2020, Singko was admitted into the partnership with 15% share in profits. The old partners continued to participate in profits in the original ratios. For the year 2020, the partnership showed profits of P15,000. However, it was discovered in 2020 that the following items were omitted in the firm's books: Unrecorded at year- end Accrued expense Accrued income Prepaid expense Unearned income 2019 P1400 1.225 2020 P1,050 875 The only changes on the old partner's capital during 2020 were the net income allocation and the correcting entries. After effecting the correcting entries for the unrecorded transactions, how much a the change on Uno's capital during 2020? After effecting the correcting entries for the unrecorded transactions, how much is the change on Tres' capital during 2020?
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Profit Sharing ratio Existing 7 2 1 New partner ratio is given as 15 ... View the full answer
Related Book For
Introduction To Financial Accounting
ISBN: 9781526803009
9th Edition
Authors: Anne Marie Ward, Andrew Thomas
Posted Date:
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