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D 0 case 3 assumed that theodore calaguas invested

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Case 3: Assumed that Theodore Calaguas invested P240,000 for one-third interest in thebusiness.The total agreed capital is P840,000.23. The investment of Calaguas resulted to a bonus of
24. The total capital credited to Theodore Calaguas is equal to
25. Journal Entry to record the admission include
26. The total contributed capital equal toa.840,000c.560,000b.600,000d.240,000
Question 27 – 30:Retirement of a partner
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/College-Accounting-Chapters-1-27-22nd-Edition-9781305666160-114/
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Chapter 3 / Exercise 4
College Accounting, Chapters 1-27
Heintz/Parry
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Suppose that Virgie Dal is retiring in mid-year from the partnership of Selisana, Yacapin andDal because of family relocation.Physical distance will prevent her from coping with thedaily rigors of their fashion and beauty consulting business.After the books have beenadjusted for the semi-annual profits and revaluation of assets, their capital balances are asfollows:Jessica Selisan, CapitalP 640,000Virginia Yacapin, Capital630,000Virgie Dal, Capital310,000Case1:Assume that Virgie Dal Agreed to accept payment equal to her interest.27. The entry to record the payment of cash and closing of her capital account include
Case 2:Assume that Virgie Dal demanded a P400,000 settlement for her interest because shefirmly believed that she has contributed so much to the success of the business.Theremaining partners agreed for old time’s sake.28. This case will result to a bonus of

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Term
Summer
Professor
DeanEsterlinaGevera
Tags
Accounting, Balance Sheet, Corporation, partner
We have textbook solutions for you!
The document you are viewing contains questions related to this textbook.
College Accounting, Chapters 1-27
The document you are viewing contains questions related to this textbook.
Chapter 3 / Exercise 4
College Accounting, Chapters 1-27
Heintz/Parry
Expert Verified

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