On January 1, 2016, Regina, Jessica and Nataly formed a partnership with profit and loss sharing agreement | of 2:3:5; Regina contributed a land with assessed value from city assessor in the amount of P 1,000,000. The land is subject to a real estate mortgage which is annotated to the title of the land in the amount of P 800,000 and will be assumed by the partnership. The appraised value of the land is P 2,400,000. Jessica contributed a |building with a cost of P 2,000,000 and accumulated depreciation of P 1,500,000. The fair value of the |building is P 800,000. Nataly contributed investment in trading securities with historical cost of P 6,000,000. The trading securities have a quoted price in active market of P 3,000,000. The partners decided to bring their capital balances in accordance with their profit or loss sharing | agreement. The total agreed capitalization of the new partnership is P 10,000,000. Which of the following statements is correct? The agreed capital of Nataly is P 500,000 b Regina should contribute additional capital in the amount of P 1,800,000 Jessica should contribute additional capital in the amount of P 2,200,000 d a Nataly is entitled to withdraw in the amount of P 1,000,000
On January 1, 2016, Regina, Jessica and Nataly formed a partnership with profit and loss sharing agreement | of 2:3:5; Regina contributed a land with assessed value from city assessor in the amount of P 1,000,000. The land is subject to a real estate mortgage which is annotated to the title of the land in the amount of P 800,000 and will be assumed by the partnership. The appraised value of the land is P 2,400,000. Jessica contributed a |building with a cost of P 2,000,000 and accumulated depreciation of P 1,500,000. The fair value of the |building is P 800,000. Nataly contributed investment in trading securities with historical cost of P 6,000,000. The trading securities have a quoted price in active market of P 3,000,000. The partners decided to bring their capital balances in accordance with their profit or loss sharing | agreement. The total agreed capitalization of the new partnership is P 10,000,000. Which of the following statements is correct? The agreed capital of Nataly is P 500,000 b Regina should contribute additional capital in the amount of P 1,800,000 Jessica should contribute additional capital in the amount of P 2,200,000 d a Nataly is entitled to withdraw in the amount of P 1,000,000
Chapter20: Corporations And Parterships
Section: Chapter Questions
Problem 55P
Related questions
Question
100%
kindly answer the no. 3 thnk you
Transcribed Image Text:On January 1, 2016, Regina, Jessica and Nataly formed a partnership with profit and loss sharing agreement
of 2:3:5;
Regina contributed a land with assessed value from city assessor in the amount of P 1,000,000. The land is
subject to a real estate mortgage which is annotated to the title of the land in the amount of P 800,000 and
will be assumed by the partnership. The appraised value of the land is P 2,400,000. Jessica contributed a
|building with a cost of P 2,000,000 and accumulated depreciation of P 1,500,000. The fair value of the
|building is P 800,000. Nataly contributed investment in trading securities with historical cost of
P 6,000,000. The trading securities have a quoted price in active market of P 3,000,000.
The partners decided to bring their capital balances in accordance with their profit or loss sharing
agreement. The total agreed capitalization of the new partnership is P 10,000,000.
Which of the following statements is correct?
The agreed capital of Nataly is P 500,000
Regina should contribute additional capital in the amount of P 1,800,000
Jessica should contribute additional capital in the amount of P 2,200,000
Nataly is entitled to withdraw in the amount of P 1,000,000
a
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
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
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT