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1. On December 1, 2021, Estrella and Furgoson formed a partnership, agreeing to share for profits and losses in the ratio of 2:3, respectively. Estrella invested a parcel of land that cost him P25,000. Furgoson invested P30,000 cash. The land was sold for P50,000 on the same date, three hours after formation of the partnership. How much should be the capital of Estrella right after formation? * O a. P25,000 О Б. Р30.000 О с. Рбо,000 O d. P50,000

1. On December 1, 2021, Estrella and Furgoson formed a partnership, agreeing to share for profits and losses in the ratio of 2:3, respectively. Estrella invested a parcel of land that cost him P25,000. Furgoson invested P30,000 cash. The land was sold for P50,000 on the same date, three hours after formation of the partnership. How much should be the capital of Estrella right after formation? * O a. P25,000 О Б. Р30.000 О с. Рбо,000 O d. P50,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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1. On December 1, 2021, Estrella and Furgoson formed a partnership, agreeing to share for profits and losses in the ratio of 2:3, respectively. Estrella invested a parcel of land that cost him P25,000. Furgoson invested P30,000 cash. The land was sold for P50,000 on the same date, three hours after formation of the partnership. How much should be the capital of Estrella right after formation? * O a. P25,000 О Б. Р30,000 О С. Рб0,000 O d. P50,000
Transcribed Image Text:1. On December 1, 2021, Estrella and Furgoson formed a partnership, agreeing to share for profits and losses in the ratio of 2:3, respectively. Estrella invested a parcel of land that cost him P25,000. Furgoson invested P30,000 cash. The land was sold for P50,000 on the same date, three hours after formation of the partnership. How much should be the capital of Estrella right after formation? * O a. P25,000 О Б. Р30,000 О С. Рб0,000 O d. P50,000
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