A new partner Dan, was admitted on June 1, 2022 who purchased Allan's capital by giving his car costing P250,000, but with a book value of P125,000, and a market value of P100,000. Allan, capital was P350,000. How much was credited to Dan. Capital?
A new partner Dan, was admitted on June 1, 2022 who purchased Allan's capital by giving his car costing P250,000, but with a book value of P125,000, and a market value of P100,000. Allan, capital was P350,000. How much was credited to Dan. Capital?
Chapter13: Property Transact Ions: Determination Of Gain Or Loss, Basis Considerations, And Nontaxable Exchanges
Section: Chapter Questions
Problem 27CE
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Transcribed Image Text:A new partner Dan, was admitted on June 1, 2022 who
purchased Allan's capital by giving his car costing P250,000,
but with a book value of P125,000, and a market value of
P100,000. Allan, capital was P350,000. How much was
credited to Dan. Capital?
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