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    CH 019

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    Joana Trinidad
    The document contains information about three separate partnership agreements: 1) Partners Ellie, Ollie, and Millie each sold 1/4 of their capital and profit/loss interest to Tillie for $160,000 total. This provides their original capital balances and profit/loss percentages. 2) Partner Jay sold 1/2 of his interest in the JC Partnership to Sophia for $180,000. This provides the original capital balances for Jay and partner Chris, as well as their profit sharing ratio. 3) Partners Luke and Mark each retained a 30% interest when they admitted partner John with a 40% interest for $120,000. This provides the original capital balances for Luke and

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    CH 019

    Uploaded by

    Joana Trinidad
    48 views1 page
    The document contains information about three separate partnership agreements: 1) Partners Ellie, Ollie, and Millie each sold 1/4 of their capital and profit/loss interest to Tillie for $160,000 total. This provides their original capital balances and profit/loss percentages. 2) Partner Jay sold 1/2 of his interest in the JC Partnership to Sophia for $180,000. This provides the original capital balances for Jay and partner Chris, as well as their profit sharing ratio. 3) Partners Luke and Mark each retained a 30% interest when they admitted partner John with a 40% interest for $120,000. This provides the original capital balances for Luke and

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    ch019

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    The document contains information about three separate partnership agreements: 1) Partners Ellie, Ollie, and Millie each sold 1/4 of their capital and profit/loss interest to Tillie for $160,000 total. This provides their original capital balances and profit/loss percentages. 2) Partner Jay sold 1/2 of his interest in the JC Partnership to Sophia for $180,000. This provides the original capital balances for Jay and partner Chris, as well as their profit sharing ratio. 3) Partners Luke and Mark each retained a 30% interest when they admitted partner John with a 40% interest for $120,000. This provides the original capital balances for Luke and

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    48 views1 page

    CH 019

    Uploaded by

    Joana Trinidad
    The document contains information about three separate partnership agreements: 1) Partners Ellie, Ollie, and Millie each sold 1/4 of their capital and profit/loss interest to Tillie for $160,000 total. This provides their original capital balances and profit/loss percentages. 2) Partner Jay sold 1/2 of his interest in the JC Partnership to Sophia for $180,000. This provides the original capital balances for Jay and partner Chris, as well as their profit sharing ratio. 3) Partners Luke and Mark each retained a 30% interest when they admitted partner John with a 40% interest for $120,000. This provides the original capital balances for Luke and

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    QUESTION 8

    Partners Ellie, Ollie, and Millie agreed to sell to Tillie ¼ of their respective capital and profit and
    loss interest for a total cash payment of P160,000. The capital balances and the respective
    percentage interest in profits and losses immediately before the sale to Tillie are

    PARTNER P/L CAPITAL BALANCE

    Ellie 50% 320,000

    Ollie 30% 180,000

    Millie 20% 60,000

    ● The capital balance of Ollie immediately after Tillie’s admission is 135000


    ● From the sale of portion of his interest sold to Tillie, Ellie would receive 90000

    QUESTION 9
    Sophia purchased ½ of Jay’s interest and share in profit in the JC Partnership by paying Jay
    P180,000. Immediately before Sophia’s admission, the capital balances of Jay and Chris were
    P240,000 and P400,000, respectively. Jay and Chris were sharing profits in the ratio 2:3,
    respectively.

    ● The capital balances of Sophia immediately after her admission is 120000


    ● In the new profit and loss ratio, Chris would have 30 (percent)
    ● In the new profit and loss ratio, Jay would have 20 (percent)

    QUESTION 10
    Luke and Mark, who share profits and losses equally, agree to take John into the partnership for
    a 40% share in capital and profits. Luke and Mark retain 30% interest each. Luke and Mark
    have capital balances of P100,000 and P140,000, respectively before the admission of John.
    John pays P120,000 directly to Luke and Mark for his 40% interest. All assets of the
    partnership, except land, are fairly valued.

    ● Land is undervalued by 60000


    ● The capital balance of Mark after the admission of John is 102000

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