Homework Help is Here – Start Your Trial Now!
Business
Accounting
13. On January 2, 2016, Abel, Cain, and Josuah formed a partnership. Abel contributed cash of P100,000 and a delivery equipment that originally costs him P 120,000, but with a second hand value of P50,000. Cain contributed P 160,000 in cash. Josuah, whose family sells office equipment, contributed P50,000 in cash and office equipment that cost nis family's dealership P 100,000 but with a regular selling price of P120,000. In 2016, the partnership reported net income of P120,000.On December 31, 2016, what would be the capital balance of the partners? Abel, Cain and Joshuah respectively * O 187,500, 200,000, 212,500 O 190,000, 200,000, 210,000 O 257,500, 200,000, 192,500 O260,000, 200,000, 190,000

13. On January 2, 2016, Abel, Cain, and Josuah formed a partnership. Abel contributed cash of P100,000 and a delivery equipment that originally costs him P 120,000, but with a second hand value of P50,000. Cain contributed P 160,000 in cash. Josuah, whose family sells office equipment, contributed P50,000 in cash and office equipment that cost nis family's dealership P 100,000 but with a regular selling price of P120,000. In 2016, the partnership reported net income of P120,000.On December 31, 2016, what would be the capital balance of the partners? Abel, Cain and Joshuah respectively * O 187,500, 200,000, 212,500 O 190,000, 200,000, 210,000 O 257,500, 200,000, 192,500 O260,000, 200,000, 190,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

no.13

13. On January 2, 2016, Abel, Cain, and Josuah formed a partnership. Abel contributed cash of P100,000 and a delivery equipment that originally costs him P 120,000, but with a second hand value of P50,000. Cain contributed P 160,000 in cash. Josuah, whose family sells office equipment, contributed P50,000 in cash and office equipment that cost his family's dealership P 100,000 but with a regular selling price of P120,000. In 2016, the partnership reported net income of P120,000.On December 31, 2016, what would be the capital balance of the partners? Abel, Cain and Joshuah respectively * O 187,500, 200,000, 212,500 O 190,000, 200,000, 210,000 O 257,500, 200,000, 192,500 O 260,000, 200,000, 190,000
Transcribed Image Text:13. On January 2, 2016, Abel, Cain, and Josuah formed a partnership. Abel contributed cash of P100,000 and a delivery equipment that originally costs him P 120,000, but with a second hand value of P50,000. Cain contributed P 160,000 in cash. Josuah, whose family sells office equipment, contributed P50,000 in cash and office equipment that cost his family's dealership P 100,000 but with a regular selling price of P120,000. In 2016, the partnership reported net income of P120,000.On December 31, 2016, what would be the capital balance of the partners? Abel, Cain and Joshuah respectively * O 187,500, 200,000, 212,500 O 190,000, 200,000, 210,000 O 257,500, 200,000, 192,500 O 260,000, 200,000, 190,000
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS