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  • To Record The Admission of Canda: Capco, Capital Cular, Capital Cruz, Capital

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    Mark Angelo Tambule
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    This document records capital account transactions for multiple partners in a partnership. It admits a new partner, Canda, who contributes $20,000 initially and later contributes another $70,000. It then revalues partnership assets, allocating the revaluation among existing partners. Finally, it admits another new partner, Candas, who contributes $115,000 and receives a 25% interest in total partnership capital.

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    Book (4)(2)

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    This document records capital account transactions for multiple partners in a partnership. It admits a new partner, Canda, who contributes $20,000 initially and later contributes another $70,000. It then revalues partnership assets, allocating the revaluation among existing partners. Finally, it admits another new partner, Candas, who contributes $115,000 and receives a 25% interest in total partnership capital.

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    © All Rights Reserved
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    2 views1 page

    To Record The Admission of Canda: Capco, Capital Cular, Capital Cruz, Capital

    Uploaded by

    Mark Angelo Tambule
    This document records capital account transactions for multiple partners in a partnership. It admits a new partner, Canda, who contributes $20,000 initially and later contributes another $70,000. It then revalues partnership assets, allocating the revaluation among existing partners. Finally, it admits another new partner, Candas, who contributes $115,000 and receives a 25% interest in total partnership capital.

    Copyright:

    © All Rights Reserved
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    of 1

    1 Cular, Capital(80K x1/4) 20,000.

    00
    Canda, Capital 20,000.00
    To record the admission of Canda

    2 Other Assets 40,000.00


    Capco, Capital 20,000.00
    Cular, Capital 12,000.00
    Cruz, Capital 8,000.00

    Capco, Capital 30,000.00


    Cular, Capital 23,000.00
    Cruz, Capital 17,000.00
    Canda, Capital 70,000.00
    To record the admission of Canda

    New Partnership Capital 70,000.00 0.25 280,000.00


    Asset Revaluation 280,000.00 240,000.00 40,000.00
    Allocation of Asset Revaluation
    Capco 40,000.00 0.50 20,000.00
    Cular 40,000.00 0.30 12,000.00
    Cruz 40,000.00 0.20 8,000.00

    Capco, Capital Cular, Capital Cruz, Capital


    Capital Balances Bef. Revaluation 100,000.00 80,000.00 60,000.00
    Share on Asset Revaluation 20,000.00 12,000.00 8,000.00
    Capital Balances After Revaluation 120,000.00 92,000.00 68,000.00

    Capco, Capital Cular, Capital Cruz, Capital


    Capital Balances After Revaluation 120,000.00 92,000.00 68,000.00
    Interest Transferred 0.25 0.25 0.25
    Capital Transferred to Cedra 30,000.00 23,000.00 17,000.00

    3 Cash 115,000.00
    Candas, Capital 88,750.00
    Capco, Capital 13,125.00
    Cular, Capital 7,875.00
    Cruz, Capital 5,250.00
    To record the admission of Candas

    Net investment bef. Admission 240,000.00


    Investment of Canda 115,000.00
    Net Asset after Admission 355,000.00
    Canda's Interest in Net Assets 0.25
    Canda's Capital Credit 88,750.00
    Investment of Cedra 115,000.00
    Bonus to Old Partner -26,250.00

    Capco, Capital 26,250.00 0.50 13,125.00


    Cular, Capital 26,250.00 0.30 7,875.00
    Cruz, Capital 26,250.00 0.20 5,250.00

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