LL and SS started partnership. LL contributed a building that she purchased 10 years ago for P100,000. The accumulated depreciation on the building on the date of formation of the partnership is P25,000 and their fair value is P110,000. For what amount will LL's capital account be credited on the books of the partnership?
LL and SS started partnership. LL contributed a building that she purchased 10 years ago for P100,000. The accumulated depreciation on the building on the date of formation of the partnership is P25,000 and their fair value is P110,000. For what amount will LL's capital account be credited on the books of the partnership?
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter18: Comparative Forms Of Doing Business
Section: Chapter Questions
Problem 37P
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LL and SS started
Transcribed Image Text:LL and SS started partnership. LL contributed a building that she purchased
10 years ago for P100,000. The accumulated depreciation on the building
on the date of formation of the partnership is P25,000 and their fair value
is P110,000. For what amount will LL's capital account be credited on the
books of the partnership? *
P 25,000
P100,000
O P 75,000
O P110,000
Transcribed Image Text:LL and SS started partnership. LL contributed a building that she purchased
10 years ago for P100,000. The accumulated depreciation on the building
on the date of formation of the partnership is P25,000 and their fair value
is P110,000. For what amount willI LL's capital account be credited on the
books of the partnership? *
P 25,000
P100,000
O P 75,000
O P110,000
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