14. On July 1, Faminial and Fetalvero formed a partnership, agreeing to share profitsand losses in the ratio of 4:6 respectively. Faminial contributed a parcel of land thatcost P25,000. Fetalvero contributed P50,000 cash. The land was sold for P50,000on July 1, three hours after formation of the partnership. How much should berecorded in Faminial's capital account on formation of the partnership?c. P25,000.d. P10,000.a. P50,000.b. P20,000.15. On Apr. 30, 2019, Foja, Lupian, and Retada formed a partnership by combining theirseparate business proprietorships. Foja contributed cash of P50,000. Lupiancontributed property with a P36,000 carrying amount, a P40,000 original cost, andP80,000 fair value. The partnership assumed the P35,000 mortgage attached to theproperty. Retada contributed equipment with a P30,000 carrying amount, aP75,000 original cost, and P55,000 fair value. The partnership agreement specifiedthat profits and losses are to be shared equally. Which partner has the largest Apr.30, 2019, capital account balance?a. Foja.b. Retada.c. Lupian.d. All capital account balances are equal.16. Lacson and Solis started a partnership. Lacson contributed a building that shepurchased 10 years ago for P100,000. The accumulated depreciation on thebuilding on the date of formation of the partnership is P25,000 and the fair value isP110,000. For what amount will Lacson's capital account be credited on the booksof the partnership?a. P100,000b. P75,000c. P110,000d. P25,000

Correct option is B. Retada. Retada has the largest capital account balance as on April,30 2019…

15. On Apr. 30, 2019, Foja, Lupian, and Retada formed a partnership by combining their separate business proprietorships. Foja contributed cash of P50,000. Lupian contributed property with a P36,000 carrying amount, a P40,000 original cost, and P80,000 fair value. The partnership assumed the P35,000 mortgage attached to the Retada contributed equipment with a P30,000 carrying amount, a property. P75,000 original cost, and P55,000 fair value. The partnership agreement specified that profits and losses are to be shared equally. Which partner has the largest Apr. 30, 2019, capital account balance? a. Foja. b. Retada. c. Lupian. d. All capital account balances are equal.

15. On Apr. 30, 2019, Foja, Lupian, and Retada formed a partnership by combining their separate business proprietorships. Foja contributed cash of P50,000. Lupian contributed property with a P36,000 carrying amount, a P40,000 original cost, and P80,000 fair value. The partnership assumed the P35,000 mortgage attached to the Retada contributed equipment with a P30,000 carrying amount, a property. P75,000 original cost, and P55,000 fair value. The partnership agreement specified that profits and losses are to be shared equally. Which partner has the largest Apr. 30, 2019, capital account balance? a. Foja. b. Retada. c. Lupian. d. All capital account balances are equal.

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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