Question

on admission of partner debit balance of profit and loss account is.
a) credited to old partners capital account
b) debited to all partners capital account
c) credited to new partners capital account
d) debited to old partners capital account​

Answer 1

3 options is correct

Answer 2

Answer: The capital of Boris is 54,000

Explanation:

Boris and Richard are partners who share profits and losses in the ratio of 6:4, respectively. On May 1, 2009, their respective capital accounts were as follows: Boris, P60,000 and Richard, P50,000. On that date, Liza was admitted as a partner with a one-third interest in capital and profits for an investment of P40,000. The new partnership began with a total capital of P150,000. Immediately after Liza's admission, Boris' capital account balance should be:

                      (TCC)                BONUS                    (TAC)

Boris           60,000               ( 6,000 )                    54,000

RICHARD    50,000              ( 4,000 )                     46,000

LIZA              40,000             ( 10,000)                     50,000

TOTAL          150,000                   -                           150,000