Trillanes and Cayetano are partners with the capital balances of P60,000 and P80,000 and sharing...
80.2K
Verified Solution
Link Copied!
Question
Accounting
Trillanes and Cayetano are partners with the capital balances of P60,000 and P80,000 and sharing profits and losses 40% and ^0% respectively. If Pacquio is admitted as a partner paying 50% of Trillanes' equity, the entry in the partnership books should be as follows: (DR) Trillanes, Capital P50,000 (CR) Pacquiao, Capital P50,000 (DR) Trillanes, Capital P30,000 (CR) Pacquiao, Capital P30,000 (DR)Cash P45,000 (DR)Other Assets 15,000 (CR)Pacquiao, Capital P60,000 (DR)Cash P60,000 (CR) Trillanes, Capital (CR)Pacquiao, Capital P15,000 45,000 Cone and Cream Corporation was organized on January 1, 2021 with authorized capital of P2,000,000 consisting of 100,000 ordinary shares, P20 par value. Subsequently, incorporators subscribe for 25,000 shares at P24. How much must be paid up upon subscription to comply with the requirement of the Securities and Exchange Commission? O P600,000 O P125,000 O P500,000 O P150,000
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
