Dolfo and Poldo formed a partnership. Dolfo contributed cash of P600,000, desktop computer of P70,000 and printer that cost P30,000. The fair value of computer is 50,000 while the printer has a fair value of P20,000. Dolfo has notes payable on the computer and printer of P10,000 to be assumed by the partnership. Dolfo is to have 60% c
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- Gogola and Paglinawan have just formed a partnership. Gogola contributed cash of P1,260,000 and computer equipment that cost P540,000. The fair value of the computer is P360,000. Gogola has notes payable on the computer of P120,000 to be assumed by the partnership. Gogola is to have 60% capital interest in the partnership. Paglinawan contributed only P900,000. The partners agreed to share profit and loss equally. Required: Gogola should make an additional investment or (withdrawal) of _____________. Prepare the necessary journal entries to support your answer above.Gogola and Paglinawan have just formed a partnership. Gogola contributed cash of P1,260,000 and computer equipment that cost P540,000. The fair value of the computer is P360,000. Gogola has notes payable on the computer of P120,000 to be assumed by the partnership. Gogola is to have 60% capital interest in the partnership. Paglinawan contributed only P900,000. The partners agreed to share profit and loss equally. Gogola should make an additional investment or (withdrawal) of _____________. Prepare the necessary journal entries to support your answer above.Love and Joy formed a partnership. Love contributed cash of P126,000 and computer equipment that cost P54,000. The computer had been used in his business and had been depreciated for P24,000. The fair value of the equipment is P36,000. Joy contributed cash amounting to P90,000 and also a note payable of P12,000 to be assumed by the partnership. If Joy is entitled of 60% interest in the partnership, how much should be her total capital of the partnership?
- Cye and Dye have just formed a partnership. Cye contributed cash of P126,000 and computer equipment that cost P54,000. The computer had been used in his sole proprietorship and had been depreciated to P24,000. The fair value of the equipment is P36,000. Cye also contributed a note payable of P12,000 to be assumed by the partnership. Cye is to have 60% interest in the partnership. Dye contributed only P90,000 cash. Cye should make an additional investment (withdrawal) of: a.P(76,800) b.P96,000 c.P(15,000) d.P84,000Romanoff and Barton are partners with capital balance of P60,000 and P70,000. Romanoff has a 30% interest in the partnership profits and losses. At this time, the partnership decided to admit Stark and Rogers as new partners. Stark contributes cash of P165,000 for a 30% interest in the profits and losses and a 20% interest in the capital of the firm. Rogers contributes cash of P20,000 and an equipment for a 35% interest in the profits and losses and a 25% interest in the firm’s capital. Barton receive a bons of P38,325 after the admission of Starks and rogers. How much is the equipment contributed by Rogers? Note: Please probide a solution so that I can understand. Thank you so much!Jerry and Chan have formed a partnership. Jerry contributed cash of 630,000 and computer equipment that cost 225,000. The fair value of the computer is 180,000. Jerry has notes payable on the computer worth 60,000 to be assumed by the partnership. Jerry is to have 60% capital interest in the partnership. Gray contributed only 450,000. The partners agreed to share profits and losses equally. Jerry should make an additional investment or withdrawal at what amount?
- Gogola and Paglinawan have just formed a partnership. Gogola contributed cash of Php 1,260,000 and computer equipment that cost Php 540,000. The fair value of the computer is Php 360,000. Gogola has notes payable on the computer of Php 120,000 to be assumed by partnership. Gogola is to have 60% capital interest in the partnership. Paglinawan contributed only Php 900,000. The partners agreed to share profit and loss equally. Gogola should make an additional investment or (withdrawal) of?Batman and Robin agree to form a partnership. Batman is to contribute 135,600 cash and equipment that has a carrying value of 135,000 and a fair value of 115,000. The equipment however, has a mortgage attached to it and it is agreed by the partners that they will assume it. Robin, on the other hand contributed 240,000 cash. They share profits and losses in the ratio of 4:5. Furthermore, part of their agreement is to bring their initial capital in conformity with their profit and loss ratio.How much is the mortgage of the equipment? Pls provide solutionA. 58,600 B. 10,600 C. 78,600 D. 34,600Rome and Bert are partners with capital balances of P60,000 and P70,000. Rome has a 30% interest in the partnership profits and losses. At this time, the partnership decided to admit Star and Robert as new partners. Star contributes cash of P165,000 for a 30% interest in the profits and losses and a 20% interest in the capital of the firm. Robert contributes cash of P20,000 and an equipment for a 35% interest in the profits and losses and a 25% interest in the firm's capital. Bert receives a bonus of P38,325 after the admission of Star and Robert.HOW MUCH IS THE EQUIPMENT CONTRIBUTED BY ROBERT? (show step by step thank you)
- Uniqua and Austin form a new partnership. Uniqua invests P240,000 in cash for her 60% interest in the capital and profits of the business. Austin contributes land that has an original cost of P40,000 and a fair market value of P70,000, and a building that has a tax basis of P50,000 and a fair market value of P90,000. The building is subject to a P40,000 mortgage that the partnership will assume. What amount of cash should Austin contribute? note: ligibleBRAIN and FREEZE have capital balances of P750,00 and P500,000 and share in partnership profits and losses in the ratio of 3:2 each respectively. On November 30, 2020, the partners admitted HURTS into the partnership by investing P200,000 cash and a machine to be used by the partnership for a 20% interest. After HURT’s admission, BRAIN’s capital increased by 10%. What is the fair value of the machine invested by HURT in the partnership?Hansel and Gretel are partners. Hansel's capital balance is P130,000 and Gretel's is P150,000. They agreed to share equally in profits and losses. Both partners agree to accept a third investor, Mocha, as a new partner with a 25% interest in the partnership. Mocha intends to invest P115,000 in cash. The bonus that is granted to Hansel and Gretel is closest to
