Maniquiz, Capital 49,000.

00
Monte, Capital 19,600.00
Galang, Capital 68,600.00
To record admission of Galang

Computation:
Maniquiz: P140,000 x 35% ₱ 49,000.00
Monte: P56,000 x 35% 19,600.00
Interest transferred to Galang ₱ 68,600.00
Capital Balances:

Maniquiz: P140,000 - P49,000= 91,000.00

Monte: P56,000 - P19,600= 36,400.00
Galang: 68,600.00
Required 1:

Loida Cardenas, Capital 30,000.00

Cristina San Jose, Capital 27,500.00
Daria Labalan, Capital 57,500.00
To record admission of Labalan

Cash 70,000.00
Helen Magada, Capital 70,000.00
To record admission of Magada

Computation:
Loida Cardenas: P150,000 x 1/5= 30,000.00
Cristina San Jose: P110,000 x 1/4= 27,500.00
Interest transferred to Labalan= 57,500.00
Required 2:

Capital Balances:

Loida Cardenas: P150,000 - P30,000= 120,000.00

Cristina San Jose: P110,000 - P27,500= 82,500.00
Daria Labalan: 57,500.00
Helen Magada: 70,000.00
Required 1:

Contributed Bonus Agreed

Gonzaga 30,000.00 7,500.00 37,500.00
Magada 20,000.00 2,500.00 22,500.00
Total 50,000.00 10,000.00 60,000.00
Padilla 30,000.00 (10,000.00) 20,000.00 1/4
Total 80,000.00 - 80,000.00

P80,000 x 1/4= P20,000

Distribution of Bonus:
Gonzaga: P10,000 x 3/4= P7,500
Magada: P10,000 x 1/4= P2,500
Cash 30,000.00
Padilla, Capital 30,000.00
To record the investment of Padilla Required 2:

Padilla, Capital 10,000.00

Gonzaga, Capital 7,500.00 Gonzaga
Magada, Capital 2,500.00 Magada
To record bonus to old partners Padilla
Total
Required 2:

Contributed Revaluation Bonus Agreed

30,000.00 12,000.00 7,500.00 49,500.00
20,000.00 4,000.00 2,500.00 26,500.00
30,000.00 - (10,000.00) 20,000.00
80,000.00 16,000.00 - 96,000.00
Inventory 16,000.00
Gonzaga, Capital 12,000.00
Magada, Capital 4,000.00
To record the revaluation of inventory

Cash 30,000.00
Padilla, Capital 30,000.00

Padilla, Capital 10,000.00

Gonzaga, Capital 7,500.00
Magada, Capital 2,500.00

To record the investment of Padilla and bonus to old partners

Adjustments:
Resulta, Capital 1,330,000.00
Allowance for Uncollectible Accounts (P45,000 x 60%) (27,000.00)
Increase in value of inventories (P50,000 x 60%) 30,000.00
Accrued expenses (P40,000 x 60%) (24,000.00)
Adjusted Resulta, Capital 1,309,000.00

Magpantay, Capital 1,080,000.00

Allowance for Uncollectible Accounts (P45,000 x 40%) (18,000.00)
Increase in value of inventories (P50,000 x 40%) 20,000.00
Accrued expenses (P40,000 x 40%) (16,000.00)
Adjusted Magpantay, Capital 1,066,000.00

Total Adjusted Capital 2,375,000.00

Divided by: Combined interest of Resulta and Magpantay 80%
Total Partnership Capital after admission of Tria 2,968,750.00
Multiplied by: Percentage ownership to be given to Tria 20%
Cash to be invested by Tria 593,750.00
Required 1:

Contributed Bonus Agreed

Geron 500,000.00 (100,000.00) 400,000.00
Aglugub 800,000.00 (60,000.00) 740,000.00
Onate 700,000.00 (40,000.00) 660,000.00
Total 2,000,000.00 (200,000.00) 1,800,000.00
Retada 400,000.00 200,000.00 600,000.00 25%
Total 2,400,000.00 - 2,400,000.00

P2,400,000 x 25%= P600,000

Distribution of Bonus:
Geron: P200,000 x 50%= P100,000
Aglugub: P200,000 x 30%= P60,000
Onate: P200,000 x 20%= P40,000
Cash 400,000.00
Retada, Capital 400,000.00

Geron, Capital 100,000.00

Aglugub, Capital 60,000.00
Onate, Capital 40,000.00
Retada, Capital 200,000.00
To record the investment of Retada and bonus to new partner
Required 2:

Contributed Bonus
Geron 500,000.00 120,000.00
Aglugub 800,000.00 72,000.00
Onate 700,000.00 48,000.00
Total 2,000,000.00 240,000.00 Agreed
Retada 800,000.00 (240,000.00) 620,000.00
Total 2,800,000.00 - 872,000.00
748,000.00
P2,800,00 x 20%= P560,000 2,240,000.00
560,000.00 20%
Distribution of Bonus: 2,800,000.00
Geron: P240,000 x 50%= P120,000
Aglugub: P240,000 x 30%= P72,000
Onate: P240,000 x 20%= P48,000
Cash 800,000.00
Retada, Capital 800,000.00

Retada, Capital 240,000.00

Geron, Capital 120,000.00
Aglugub, Capital 72,000.00
Onate, Capital 48,000.00

To record the investment of Retada and bonus to old partners

Required 1:

Contributed Bonus Agreed

Rey Refozar 75,000.00 (7,500.00) 67,500.00
Rogelio Ceradoy 125,000.00 (7,500.00) 117,500.00
Total 200,000.00 (15,000.00) 185,000.00
Jiexel Manongsong 50,000.00 15,000.00 65,000.00
Total 250,000.00 - 250,000.00

Distribution of Bonus
Rey Refozar: P15,000 x 50%= P7,500
Rogelio Ceradoy: P15,000 x 50%= P7,500
Cash 50,000.00
Jiexel Manongsong, Capital

Rey Refozar, Capital 7,500.00

Rogelio Ceradoy, Capital 7,500.00
Jiexel Manongsong, Capital
To record the investment of Manongsong and bonus to new partner
50,000.00 Required 2:

Capital Balances:
Rey Refozar: P75,000 - P7,500= 67,500.00
15,000.00 Rogelio Ceradoy: P125,000 - P7,500= 117,500.00
Jiexel Manongsong: P50,000 + P15,000= 65,000.00
Required 1:

Mallari, Capital 125,000.00

Palatino, Capital 125,000.00
To record admission of Palatino

Computation:
P250,000 x 50%= P125,000

Contributed Bonus Agreed

Mallari 250,000.00 (125,000.00) 125,000.00
Chua 500,000.00 500,000.00
Total 750,000.00 (125,000.00) 625,000.00
Palatino 125,000.00 125,000.00
Total 750,000.00 - 750,000.00

Capital Balances:
Mallari: P250,000 - P125,000= 125,000.00
Chua: 500,000.00
Palatino: 125,000.00
Required 2:

Cash 250,000.00
Palatino, Capital 250,000.00
To record admission of Palatino

Contributed Bonus Agreed

Mallari 250,000.00 - 250,000.00
Chua 500,000.00 - 500,000.00
Total 750,000.00 - 750,000.00
Palatino 250,000.00 - 250,000.00
Total 1,000,000.00 - 1,000,000.00

P1,000,000 x 1/4= P250,000

Capital Balances:
Mallari: 250,000.00
Chua: 500,000.00
Palatino: 250,000.00
Required 3:

Contributed Bonus
Mallari 250,000.00 (30,000.00)
Chua 500,000.00 (20,000.00)
Total 750,000.00 (50,000.00)
Palatino 250,000.00 50,000.00
Total 1,000,000.00 -

P1,000,000 x 30%= P300,000

Distribution of Bonus
Mallari: P50,000 x 3/5= P30,000
Chua: P50,000 x 2/5= P20,000

Cash 250,000.00
Palatino, Capital 250,000.00

Mallari, Capital 30,000.00

Chua, Capital 20,000.00
Palatino, Capital 50,000.00
To record the investment of Palatino and bonus to new partner

Capital Balances:
Mallari: P250,000 - P30,000= 220,000.00
Chua: P500,000 - P20,000= 480,000.00
Palatino: P250,000 + P50,000= 300,000.00
 Required 4:

Agreed
220,000.00 Mallari
480,000.00 Chua
700,000.00 Total
300,000.00 Palatino
1,000,000.00 Total

P1,000,000 x 20%= P200,000

Distribution of Bonus
Mallari: P50,000 x 3/5= P30,000
Chua: P50,000 x 2/5= P20,000

Cash
Palatino, Capital

Palatino, Capital
Mallari, Capital
Chua, Capital
To record the investment of Palatino and bonus to old partners

Capital Balances:
Mallari: P250,000 + P30,000=
Chua: P500,000 + P20,000=
Palatino: P250,000 - P50,000=
Contributed Bonus Agreed
250,000.00 30,000.00 280,000.00
500,000.00 20,000.00 520,000.00
750,000.00 50,000.00 800,000.00
250,000.00 (50,000.00) 200,000.00
1,000,000.00 - 1,000,000.00

250,000.00
250,000.00

50,000.00
30,000.00
20,000.00

280,000.00
520,000.00
200,000.00
Required 1:

Castro, Capital 40,000.00

Garachico, Capital 40,000.00
To record admission of Garachico

Computation:
P50,000 x 40%= P20,000

Contributed Bonus Agreed

Castro 100,000.00 (20,000.00) 80,000.00
Falceso 150,000.00 150,000.00
Total 250,000.00 (20,000.00) 230,000.00
Garachico 20,000.00 20,000.00
Total 250,000.00 - 250,000.00

Capital Balances:
Castro: P100,000 - P20,000 80,000.00
Falceso: 150,000.00
Garachico: 20,000.00
Required 2:

Cash 50,000.00
Garachico, Capital 50,000.00
To record admission of Garachico

Contributed Bonus Agreed

Castro 100,000.00 - 100,000.00
Falceso 150,000.00 - 150,000.00
Total 250,000.00 - 250,000.00
Garachico 50,000.00 - 50,000.00
Total 300,000.00 - 300,000.00

P300,000 x 1/6= P50,000

Capital Balances:
Castro: 100,000.00
Falceso: 150,000.00
Garachico: 50,000.00
Required 3:

Contributed
Castro 100,000.00
Falceso 150,000.00
Total 250,000.00
Garachico 50,000.00
Total 300,000.00

P300,000 x 25%= P75,000

Distribution of Bonus
Castro: P25,000 x 2/5= P10,000
Falceso: P25,000 x 3/5= P15,000

Cash 50,000.00
Garachico, Capital

Castro, Capital 10,000.00

Falceso, Capital 15,000.00
Garachico, Capital
To record the investment of Palatino and bonus to new partner

Capital Balances:
Castro: P100,000 - P10,000= 90,000.00
Falceso: P150,000 - P15,000= 135,000.00
Garachico: P50,000 + P25,000= 75,000.00
Bonus Agreed
(10,000.00) 90,000.00
(15,000.00) 135,000.00
(25,000.00) 225,000.00
25,000.00 75,000.00
- 300,000.00

50,000.00

25,000.00
Required 4:

Contributed Bonus
Castro 100,000.00 2,000.00
Falceso 150,000.00 3,000.00
Total 250,000.00 5,000.00
Garachico 50,000.00 (5,000.00)
Total 300,000.00 -

P300,000 x 15%= P45,000

Distribution of Bonus
Castro: P5,000 x 2/5= P2,000
Falceso: P5,000 x 3/5= P3,000

Cash 50,000.00
Garachico, Capital 50,000.00

Garachico, Capital 5,000.00

Castro, Capital 2,000.00
Falceso, Capital 3,000.00
To record the investment of Garachico and bonus to old partners

Capital Balances:
Castro: P100,000 + P2,000= 102,000.00
Falceso: P150,000 + P3,000= 153,000.00
Garachico: P50,000 - P5,000= 45,000.00
Agreed
102,000.00
153,000.00
255,000.00
45,000.00
300,000.00