32. On January 2, 2021, Abel, Cain, and Josuah formed a partnership. Abel contributed cash of P100,000 and a delivery equipment that originally costs him P120,000, but with a secondhand value of P500,000. Cain contributed P160,000 in cash, Josuah, whose family sells office equipment, contributed P50,000 in cash ancd office equipment that cost his family's dealership P100,000 but with a regular selling price of P120,000, the partnership reported net income of P120,000.On December 31, 2021, what would be the capital balance of the partners? a. Abel 257,500 Cain 200,000 Josuah192,500 O b. Abel 190,000 Cain 200,000 Josu ah210,000 c. Abel 260,000 Cain 200,000 Josuah190,000 O d. Abel 187,500 Cain 200,000 Josu ah212,500
32. On January 2, 2021, Abel, Cain, and Josuah formed a partnership. Abel contributed cash of P100,000 and a delivery equipment that originally costs him P120,000, but with a secondhand value of P500,000. Cain contributed P160,000 in cash, Josuah, whose family sells office equipment, contributed P50,000 in cash ancd office equipment that cost his family's dealership P100,000 but with a regular selling price of P120,000, the partnership reported net income of P120,000.On December 31, 2021, what would be the capital balance of the partners? a. Abel 257,500 Cain 200,000 Josuah192,500 O b. Abel 190,000 Cain 200,000 Josu ah210,000 c. Abel 260,000 Cain 200,000 Josuah190,000 O d. Abel 187,500 Cain 200,000 Josu ah212,500
Chapter13: Choice Of Business Entity—general Tax And Nontax Factors/formation
Section: Chapter Questions
Problem 43P
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Transcribed Image Text:32. On January 2, 2021, Abel, Cain, and Josuah formed a partnership. Abel
contributed cash of P100,000 and a delivery equipment that originally
costs him P120,000, but with a secondhand value of P500,000. Cain
contributed P160,000 in cash, Josuah, whose family sells office
equipment, contributed P50,000 in cash and office equipment that cost
his family's dealership P100,000o but with a regular selling price of
P120,000, the partnership reported net income of P120,000.0n
December 31, 2021, what would be the capital balance of the partners?
O a. Abel 257,500 Cain 200,000 Josuah192,500
O b. Abel 190,000 Cain 200,000 Josuah210,000
c. Abel 260,000 Cain 200,000 Josuah190,000
d. Abel 187,500 Cain 200,000 Josuah212,500
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