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On January 1, 20x1, Mr. Angot and Ms. Banglo agreed to form a partnership and share profits and losses in the ratio of 3:7, respectively. Mr. Angot contributed a parcel of land that cost him P10,000. Ms. Banglo contributed P40,000 cash. The land was sold for P18,000 on January 1, 20x1, immediately after formation of the partnership. How much is the capital balance of Mr. Angot? а. 10,000 b. 18,000 с. 29,000 d. 40,000

On January 1, 20x1, Mr. Angot and Ms. Banglo agreed to form a partnership and share profits and losses in the ratio of 3:7, respectively. Mr. Angot contributed a parcel of land that cost him P10,000. Ms. Banglo contributed P40,000 cash. The land was sold for P18,000 on January 1, 20x1, immediately after formation of the partnership. How much is the capital balance of Mr. Angot? а. 10,000 b. 18,000 с. 29,000 d. 40,000

SWFT Comprehensive Volume 2019
SWFT Comprehensive Volume 2019
42nd Edition
ISBN:9780357233306
Author:Maloney
Publisher:Maloney
Chapter21: Partnerships
Section: Chapter Questions
Problem 28P
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PARTNERSHIP FORMATION
3. On January 1, 20x1, Mr. Angot and Ms. Banglo agreed to form a partnership and share profits and losses in the ratio of 3:7, respectively. Mr. Angot contributed a parcel of land that cost him P10,000. Ms. Banglo contributed P40,000 cash. The land was sold for P18,000 on January 1, 20x1, immediately after formation of the partnership. How much is the capital balance of Mr. Angot? с. 29,000 d. 40,000 a. 10,000 b. 18,000 Use the following information for the next two questions: Mr. A and Ms. B formed a partnership and agreed to divide the initial capital equally even though Mr. A contributed P100,000 and Ms. B contributed P84,000 in identifiable assets. (AICPA)
Transcribed Image Text:3. On January 1, 20x1, Mr. Angot and Ms. Banglo agreed to form a partnership and share profits and losses in the ratio of 3:7, respectively. Mr. Angot contributed a parcel of land that cost him P10,000. Ms. Banglo contributed P40,000 cash. The land was sold for P18,000 on January 1, 20x1, immediately after formation of the partnership. How much is the capital balance of Mr. Angot? с. 29,000 d. 40,000 a. 10,000 b. 18,000 Use the following information for the next two questions: Mr. A and Ms. B formed a partnership and agreed to divide the initial capital equally even though Mr. A contributed P100,000 and Ms. B contributed P84,000 in identifiable assets. (AICPA)
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