Homework Help is Here – Start Your Trial Now!
Business
Accounting
6. What is the amount of total assets after the formation? a. P 1,550,000 b. P 1,400,000 c. P 1,700,000 d. None of the above 7. What is the amount of total partners' capital after the formation? a. P 1,550,000 b. P 1,400,000 c. P 1,700,000 d. None of the above

6. What is the amount of total assets after the formation? a. P 1,550,000 b. P 1,400,000 c. P 1,700,000 d. None of the above 7. What is the amount of total partners' capital after the formation? a. P 1,550,000 b. P 1,400,000 c. P 1,700,000 d. None of the above

SWFT Corp Partner Estates Trusts
SWFT Corp Partner Estates Trusts
42nd Edition
ISBN:9780357161548
Author:Raabe
Publisher:Raabe
Chapter10: Partnerships: Formation, Operation, And Basis
Section: Chapter Questions
Problem 37P
See similar textbooks
icon
Related questions
Question

Hi! Please choose the correct LETTER of answer.

contributed real property with a P500,000 carrying value; P450,000 original cost, On January 2, 20xx, Abraham, Alexander and Anthony formed a partnership by combining their separate assets. Abraham contributed cash of P500,000. Alexander and P750,000 fair value. The partnership accepted responsibility for the P300,000 mortgage attached to the property. Anthony contributed machineries P550,000 carrying value; P500,000 original cost, and P450,000 fair value. The partnership agreement indicates that profits and losses are to be shared equally but is silent regarding capital contributions.
Transcribed Image Text:contributed real property with a P500,000 carrying value; P450,000 original cost, On January 2, 20xx, Abraham, Alexander and Anthony formed a partnership by combining their separate assets. Abraham contributed cash of P500,000. Alexander and P750,000 fair value. The partnership accepted responsibility for the P300,000 mortgage attached to the property. Anthony contributed machineries P550,000 carrying value; P500,000 original cost, and P450,000 fair value. The partnership agreement indicates that profits and losses are to be shared equally but is silent regarding capital contributions.
6. What is the amount of total assets after the formation? a. P 1,550,000 b. P 1,400,000 c. P 1,700,000 d. None of the above 7. What is the amount of total partners' capital after the formation? 3. a. P 1,550,000 b. P 1,400,000 c. P 1,700,000 d. None of the above
Transcribed Image Text:6. What is the amount of total assets after the formation? a. P 1,550,000 b. P 1,400,000 c. P 1,700,000 d. None of the above 7. What is the amount of total partners' capital after the formation? 3. a. P 1,550,000 b. P 1,400,000 c. P 1,700,000 d. None of the above
Expert Solution
steps

Step by step

Solved in 2 steps with 1 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
External Confirmations
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
SWFT Corp Partner Estates Trusts
SWFT Corp Partner Estates Trusts
Accounting
ISBN:
9780357161548
Author:
Raabe
Publisher:
Cengage
SWFT Individual Income Taxes
SWFT Individual Income Taxes
Accounting
ISBN:
9780357391365
Author:
YOUNG
Publisher:
Cengage
Individual Income Taxes
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT
Income Tax Fundamentals 2020
Income Tax Fundamentals 2020
Accounting
ISBN:
9780357391129
Author:
WHITTENBURG
Publisher:
Cengage
CONCEPTS IN FED.TAX., 2020-W/ACCESS
CONCEPTS IN FED.TAX., 2020-W/ACCESS
Accounting
ISBN:
9780357110362
Author:
Murphy
Publisher:
CENGAGE L
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
SEE MORE TEXTBOOKS