On March 1, 2015, II and JJ formed a partnership with each contributing the following assets: || JJ Cash 300,000 700,000 Machinery & equipment 250,000 750,000 Building 2,250,000 Furniture & fixtures 100,000 The building is subject to mortgage loan of P800,000, which is not to be assumed by the partnership agreement provides that II and JJ share profits and losses 30% and 70% respectively. On March 1, 2015, the balance in JJ's capital account should be: O A. 3,700,000 O B. 3,140,000 O C. 3,050,000 O D. 2,900,000
On March 1, 2015, II and JJ formed a partnership with each contributing the following assets: || JJ Cash 300,000 700,000 Machinery & equipment 250,000 750,000 Building 2,250,000 Furniture & fixtures 100,000 The building is subject to mortgage loan of P800,000, which is not to be assumed by the partnership agreement provides that II and JJ share profits and losses 30% and 70% respectively. On March 1, 2015, the balance in JJ's capital account should be: O A. 3,700,000 O B. 3,140,000 O C. 3,050,000 O D. 2,900,000
Chapter13: Comparative Forms Of Doing Business
Section: Chapter Questions
Problem 50P
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Transcribed Image Text:On March 1, 2015, II and JJ formed a partnership with each contributing the following
assets:
||
JJ
Cash
300,000
700,000
Machinery & equipment
250,000
750,000
Building
2,250,000
Furniture & fixtures
100,000
The building is subject to mortgage loan of P800,000, which is not to be assumed by the
partnership agreement provides that II and JJ share profits and losses 30% and 70%
respectively. On March 1, 2015, the balance in JJ's capital account should be:
O A. 3,700,000
O B. 3,140,000
O C. 3,050,000
O D. 2,900,000
O Option 5
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