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For each of the following independent cases, determine the amount that Abello mus contribute in cash or other assets:

For each of the following independent cases, determine the amount that Abello mus contribute in cash or other assets:

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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SCORE: NAME: PROFESSOR: SECTION: Problem #15 Determining a New Partner's Investment Cost respectively. P150,000 Accounts Payable Morales, Capital Gamino, Capital Quito, Capital Total Liabilities and Capital 260,000 P 40,000 710,000 Cash 180,000 Other Assets 160,000 P750,000 Total Assets P750,000 Assume that the partnership decided to admit Abello as a new partner with a one. fourth interest. Required: For each of the following independent cases, determine the amount that Abello must contribute in cash or other assets: 1. No goodwill or bonus will be recorded. 2. A bonus of P24,000 is to be paid by Abello and allocated to the prior partners. 3. The partners agreed that total resulting capital should be P820,000 and no goodwill should be recognized. 4. Other assets are written down by P20,000 and a bonus of P40,000 is paid to Abello at the time of admission.
Transcribed Image Text:SCORE: NAME: PROFESSOR: SECTION: Problem #15 Determining a New Partner's Investment Cost respectively. P150,000 Accounts Payable Morales, Capital Gamino, Capital Quito, Capital Total Liabilities and Capital 260,000 P 40,000 710,000 Cash 180,000 Other Assets 160,000 P750,000 Total Assets P750,000 Assume that the partnership decided to admit Abello as a new partner with a one. fourth interest. Required: For each of the following independent cases, determine the amount that Abello must contribute in cash or other assets: 1. No goodwill or bonus will be recorded. 2. A bonus of P24,000 is to be paid by Abello and allocated to the prior partners. 3. The partners agreed that total resulting capital should be P820,000 and no goodwill should be recognized. 4. Other assets are written down by P20,000 and a bonus of P40,000 is paid to Abello at the time of admission.
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