In recording the initial investment in the new partnership of X, she contributed her personal computer with a cost of P 800,000 with an accumulated depreciation of P 200,000 after 5 years of use with no residual value. The said computer was accepted to have an agreed 10 year useful life. How much will be credited to X capital account?
In recording the initial investment in the new partnership of X, she contributed her personal computer with a cost of P 800,000 with an accumulated depreciation of P 200,000 after 5 years of use with no residual value. The said computer was accepted to have an agreed 10 year useful life. How much will be credited to X capital account?
Chapter15: Partnership Accounting
Section: Chapter Questions
Problem 5MC: Chani contributes equipment to a partnership that she purchased 2 years ago for $10,000. The current...
Related questions
Question
In recording the initial investment in the new partnership of X, she contributed her personal computer with a cost of P 800,000 with an accumulated depreciation of P 200,000 after 5 years of use with no residual value. The said computer was accepted to have an agreed 10 year useful life. How much will be credited to X capital account?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 2 images
Knowledge Booster
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
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College