He and She formed a partnership and to share in the profit or loss equally. She contributed building with a cost of P1,500,000, accumulated depreciation of P50,000 and fair value of P2,000,000. The building has a mortgage payable amounted to P250,000 which was not assumed by the partnership. How much should be credited to She, Capital account?
He and She formed a partnership and to share in the profit or loss equally. She contributed building with a cost of P1,500,000, accumulated depreciation of P50,000 and fair value of P2,000,000. The building has a mortgage payable amounted to P250,000 which was not assumed by the partnership. How much should be credited to She, Capital account?
Chapter20: Corporations And Parterships
Section: Chapter Questions
Problem 33CE
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