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(1,2 1 On January 1, 2017, Angel, Bea and Colleen formed ABC & Co., a general professional partnership for the exercise of their common profession. Angel contributed a building with cost of PSM and accumulated depreciation of P4M. Based on the city assessor's records, the building has an assessed value of P 2M The building has an annotated mortgage payable amount to P 500,000 to be assumed by the partnership. On the other hand, Bea contributed 10,000 shares of stocks with par value of P200/per share and prevailing quoted price of P 300/share. On January 2, 2017, the building contributed by Angel was sold for P5.5M. If Colleen wants to have 20% capital interest in the newly formed partnership, how much shall be contributed by her? P 875,000 b. P 1,125,000 P 2,125,000 d. P 2,000,000

(1,2 1 On January 1, 2017, Angel, Bea and Colleen formed ABC & Co., a general professional partnership for the exercise of their common profession. Angel contributed a building with cost of PSM and accumulated depreciation of P4M. Based on the city assessor's records, the building has an assessed value of P 2M The building has an annotated mortgage payable amount to P 500,000 to be assumed by the partnership. On the other hand, Bea contributed 10,000 shares of stocks with par value of P200/per share and prevailing quoted price of P 300/share. On January 2, 2017, the building contributed by Angel was sold for P5.5M. If Colleen wants to have 20% capital interest in the newly formed partnership, how much shall be contributed by her? P 875,000 b. P 1,125,000 P 2,125,000 d. P 2,000,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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PROBLEM SOLVING: 1 On January 1, 2017, Angel, Bea and Colleen formed ABC & Co., a general professional partnership for the exercise of their common profession. Angel contributed a building with cost of P5M and accumulated depreciation of P4M. Based on the city assessor's records, the building has an assessed value of P 2M The building has an annotated mortgage payable amount to P 500,000 to be assumed by the partnership. On the other hand, Bea contributed 10,000 shares of stocks with par value of P200/per share and prevailing quoted price of P 300/share. On January 2, 2017, the building contributed by Angel was sold for P5.5M. If Colleen wants to have 20% capital interest in the newly formed partnership, how much shall be contributed by her? P 875,000 b. P 1,125,000 C P 2,125,000 d. P 2,000,000 a 2 On July 1, 2016, Anne, Bianca, and Carla formed a business partnership to be operated as an advertising agency. Anne contributed P10M cash while Bianca shall have a capital credit of P6M upon receipt of bonus of P1M from Anne based on the provision in Articles of Co-Partnership. The terms of the agreement provides that Anne and Bianca shall have a combined40% capital inters in the newly formed partnership What is the capital contribution made by Carla to the partnership? P 24,000,000 b. P 22,500,000 P 25,000,000 d. P 32,000,000 a
Transcribed Image Text:PROBLEM SOLVING: 1 On January 1, 2017, Angel, Bea and Colleen formed ABC & Co., a general professional partnership for the exercise of their common profession. Angel contributed a building with cost of P5M and accumulated depreciation of P4M. Based on the city assessor's records, the building has an assessed value of P 2M The building has an annotated mortgage payable amount to P 500,000 to be assumed by the partnership. On the other hand, Bea contributed 10,000 shares of stocks with par value of P200/per share and prevailing quoted price of P 300/share. On January 2, 2017, the building contributed by Angel was sold for P5.5M. If Colleen wants to have 20% capital interest in the newly formed partnership, how much shall be contributed by her? P 875,000 b. P 1,125,000 C P 2,125,000 d. P 2,000,000 a 2 On July 1, 2016, Anne, Bianca, and Carla formed a business partnership to be operated as an advertising agency. Anne contributed P10M cash while Bianca shall have a capital credit of P6M upon receipt of bonus of P1M from Anne based on the provision in Articles of Co-Partnership. The terms of the agreement provides that Anne and Bianca shall have a combined40% capital inters in the newly formed partnership What is the capital contribution made by Carla to the partnership? P 24,000,000 b. P 22,500,000 P 25,000,000 d. P 32,000,000 a
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