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    ACCTG 124 Chapter 4

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    John Vincent A Dio
    The document describes two transactions involving a partnership between Mimi, Lulu, and Gigi. In the first transaction, Lulu buys 1/4 of Mimi's interest for $3,000. In the second transaction, Lulu buys 1/5 of Gigi's interest for $2,000. Both transactions are shown by updating the capital amounts and profit/loss ratios for each partner before and after the transactions.

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    ACCTG 124 Chapter 4

    Uploaded by

    John Vincent A Dio
    258 views2 pages
    The document describes two transactions involving a partnership between Mimi, Lulu, and Gigi. In the first transaction, Lulu buys 1/4 of Mimi's interest for $3,000. In the second transaction, Lulu buys 1/5 of Gigi's interest for $2,000. Both transactions are shown by updating the capital amounts and profit/loss ratios for each partner before and after the transactions.

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    © © All Rights Reserved

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    The document describes two transactions involving a partnership between Mimi, Lulu, and Gigi. In the first transaction, Lulu buys 1/4 of Mimi's interest for $3,000. In the second transaction, Lulu buys 1/5 of Gigi's interest for $2,000. Both transactions are shown by updating the capital amounts and profit/loss ratios for each partner before and after the transactions.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    258 views2 pages

    ACCTG 124 Chapter 4

    Uploaded by

    John Vincent A Dio
    The document describes two transactions involving a partnership between Mimi, Lulu, and Gigi. In the first transaction, Lulu buys 1/4 of Mimi's interest for $3,000. In the second transaction, Lulu buys 1/5 of Gigi's interest for $2,000. Both transactions are shown by updating the capital amounts and profit/loss ratios for each partner before and after the transactions.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 2

    Capital P/L ratio

    Mimi 9000 40%


    Lulu 15000 60%
    24000 100%

    a Lulu buys 1/4 the interest of Mimi for 3000

    Mimi Capital (1/4 x 9000) 2250


    Lulu 2250

    Old partnership New partnership


    Mimi 9000 6750
    Gigi 15000 15000
    Lulu - 2250
    24000 24000

    Old partnership New partnership


    Mimi 40% 30%
    Gigi 60% 60%
    Lulu - 10%

    b, Lulu buys 1/5 the interest of Gigi for 2000

    Capital 3000
    Gigi 3000
    Lulu
    Old partnership New partnership
    Mimi 9000 9000
    Gigi 15000 12000
    Lulu - 3000
    24000 24000

    Mimi 40% 40%


    Gigi 60% 48%
    Lulu - 12%
    100%

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