Gogola and Paglinawan have just formed a partnership. Gogola contributed cash of Php 1,260,000 and computer equipment that cost Php 540,000. The fair value of the computer is Php 360,000. Gogola has notes payable on the computer of Php 120,000 to be assumed by partnership. Gogola is to have 60% capital interest in the partnership. Paglinawan contributed only Php 900,000. The partners agreed to share profit and loss equally. Gogola should make an additional investment or (withdrawal) of?
Gogola and Paglinawan have just formed a partnership. Gogola contributed cash of Php 1,260,000 and computer equipment that cost Php 540,000. The fair value of the computer is Php 360,000. Gogola has notes payable on the computer of Php 120,000 to be assumed by partnership. Gogola is to have 60% capital interest in the partnership. Paglinawan contributed only Php 900,000. The partners agreed to share profit and loss equally. Gogola should make an additional investment or (withdrawal) of?
Chapter15: Partnership Accounting
Section: Chapter Questions
Problem 3EA: The partnership of Tasha and Bill shares profits and losses in a 50:50 ratio, and the partners have...
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Gogola and Paglinawan have just formed a
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