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Problem- Admission of a New Partner

Peter and Senen are partners with capital balances of P480,000 and P240,000 respectively. They share
profits in the ratio of 3:1. The partners agree to admit Ethel as a member of the firm.

Required: Record the admission of Ethel for each of the following assumptions:

a. Ethel purchases 1/3 interest of Peter and Senen for P192,000 which is divided between them in
proportion to the equities given up.

b. Ethel purchases a 1/3 interest in the firm. Ethel pays the partners P360,000 which is divided between
them in proportion to the equities given up. Before Ethel’s admission, however, Inventory
undervaluation is recorded on the firms books.

c. Ethel invests P360,000 ,the amount needed to give her a 1/3 interest in capital of the partnership. No
revaluation of assets or bonus is recorded.

d. Ethel invests P360,000 for a 1/2 interest in the firm. No revaluation of assets is recorded.

e. Ethel invests P300,000 for a ¼ interest in the firm. The total firm capital is P1,020,000.

f. Ethel invests P330,000 for ¼ interest in the firm. Asset revaluation is to be recorded.

g. Ethel invests P200,000 for a ¼ interest in the firm. The assets of the partnership are fairly valued
except for Land account, which is overvalued before Ethel’s admission.

Solutions

a. Peter Capital (1/3) P160,000


Senen Capital (1/3) 80,000
Ethel Capital P240,000
b.

Peter Senen Total Implied Capital


Beg, Capital 480,000 240,000 P720,000 (360,000/1/3) P1,080,000
Add: Undervaluation 270,000 90,000 360,000 Old Capital
720,000
Adjusted Capital 750,000 330,000 P1,080,000 Revaluation 360,000
Multiply by 1/3 1/3
Interest Sold 250,000 110,000

Inventory P360,000
Peter Capital P270,000
Senen Capital 90,000

Peter Capital P250,000


Senen Capital 110,000
Ethel Capital P360,000

c. Cash P360,000
Ethel Capital P360,000

d. TCC TAC P/L


Peter 480,000 345,000 (135,000) 3/4
Senen 240,000 195,000 ( 45,000) 1/4
Total (1/2) 720,000 540,000 (180,000)
Ethel (1/2) 360,000 540,000
Total 1,080,000 1,080,000

Cash P360,000
Ethel Capital P360,000

Peter Capital 135,000


Senen Capital 45,000
Ethel Capital 180,000

e.
TCC TAC P/L
Peter 480,000 513,750 33,750 3/4
Senen 240,000 251,250 11,250 1/4
Total (3/4) 720,000 765,000 45,000
Ethel (1/4) 300,000 255,000 (45,000)
Total 1,020,000 1,020,000

Cash 300,000
Ethel Capital 300,000

Ethel Capital 45,000


Peter Capital 33,750
Senen Capital 11,250

f.

TCC TAC P/L


Peter 480,000 682,500 202,500 3/4
Senen 240,000 307,500 67,500 1/4
Total (3/4) 720,000 990,000 270,000
Ethel (1/4) 330,000 330,000
Total 1,050,000 1,320,000

Cash 330,000
Ethel Capital 330,000

Assets 270,000
Peter Capital 202,500
Senen Capital 67,500

g.
TCC TAC P/L
Peter 480,000 390,000 ( 90,000) 3/4
Senen 240,000 210,000 ( 30,000) 1/4
Total (3/4) 720,000 600,00 (120,000)
Ethel (1/4) 200,000 200,000
Total 920,,000 800,000 120,000

Peter capital 90,000


Senen capital 30,000
Land 120,000

Cash 200,000
Ethel capital 200,000