6. VIDA, VINA, and VITA, sharing profits and losses 50%,30%, and 20%, have capital credit balances of P40,000.00, P30,000.00, and P20,000.00, respectively. They decided to admit a new partner, VERA, to a five – sixths interest in the partnership upon VERA’s investment of an amount equal to her capital credit with no asset adjustment recognized. How much was the investment of VERA? a. P90,000.00 b. P450,000.00 c. P540,000.00 d. P75,000.00
6. VIDA, VINA, and VITA, sharing profits and losses 50%,30%, and 20%, have capital credit balances of P40,000.00, P30,000.00, and P20,000.00, respectively. They decided to admit a new partner, VERA, to a five – sixths interest in the partnership upon VERA’s investment of an amount equal to her capital credit with no asset adjustment recognized. How much was the investment of VERA? a. P90,000.00 b. P450,000.00 c. P540,000.00 d. P75,000.00
Chapter11: Partnerships: Distributions, Transfer Of Interests, And Terminations
Section: Chapter Questions
Problem 48P
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6. VIDA, VINA, and VITA, sharing profits and losses 50%,30%, and 20%, have capital credit balances of P40,000.00, P30,000.00, and P20,000.00, respectively. They decided to admit a new partner, VERA, to a five – sixths interest in the partnership upon VERA’s investment of an amount equal to her capital credit with no asset adjustment recognized. How much was the investment of VERA?
a. P90,000.00
b. P450,000.00
c. P540,000.00
d. P75,000.00
7. Refer to No. 6, above. Assume that, instead of admitting VERA, it was mutually agreed that VITA should retire from the partnership and she would be paid P24,000.00 in full settlement of her interest but with no asset adjustment is to be recognized. Immediately after the retirement of VITA, the capital credit balance of VINA will be:
a. P31,200.00
b. P28,800.00
c. P31,500.00
d. P28,500.00
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