Dolores Aguilar, Isolde Sustrina and Beth Bigalbal are partners in Cavite

Realty Company. Their capital balances as at July 31, 2019 , are as follows:
Aguilar, Capital = 450,000
Sustrina, Capital = 150,000
Bigalbal, Capital = 300,000

Each partner has agreed to admit Nelia Pascual to the partnership.

Required:
Prepare the entries to record Pascual's admission to or Aguilar's withdrawal
from the partnership under each of the following conditions:
A. Pascual paid Aguilar P125,000 for 20% of Aguilar's interest in the
partnership.
B. Pascual invested P200,000 cash in the partnership and received an
interest equal to ther investment.
C. Pascual invested P300,000 cash inthe partnership for a 20% interest in the

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business. A bonus is to be recorded for the original partners on the basis of
their capital balances.

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D. Pascual invested P300,000 cash in the partnership for a 40% interest in
the business. The original partners gave Pascual a bonus

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according to the ratio of their capital balances on July 31,2019.
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E. Aguilar withdrew from the partnership, taking P525,000. The
excess of the withdrawn assets over Aguilar's partnership interest
is distributed according to the balances of the capital accounts.
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F. Aguilar withdrew by selling her interest directly to Pascual for

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P600,000.
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This study source was downloaded by 100000778671418 from CourseHero.com on 05-05-2021 21:07:28 GMT -05:00

https://www.coursehero.com/file/61247921/Dolores-Aguilardocx/
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