Dunn and Grey are partners with capital account balances of ₱60,000 and ₱90,000, respectively. They agree to admit Zorn as a partner with a one-third interest in capital and profits for an investment of ₱100,000 after revaluing the assets of Dunn and Grey. Goodwill to the original partners should be (use PFRSs in answering this problem) A. 66,667 B. 33,333 C. 0 D. 50,000

Dunn and Grey are partners with capital account balances of ₱60,000 and ₱90,000, respectively. They agree to admit Zorn as a partner with a one-third interest in capital and profits for an investment of ₱100,000 after revaluing the assets of Dunn and Grey. Goodwill to the original partners should be (use PFRSs in answering this problem) A. 66,667 B. 33,333 C. 0 D. 50,000

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter18: Comparative Forms Of Doing Business

Section: Chapter Questions

Problem 38P

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8. Dunn and Grey are partners with capital account balances of $60,000 and $90,000, respectively. They agree to admit Zorn as a partner with a one-third interest in capital and profits, for an investment of $100,000, after revaluing the assets of Dunn and Grey. Goodwill to the original partners should be a. $0 b. $33,333 c. $50,000 d. $66,667
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