4. Abel and Carr formed a partnership and agreed to divide initial capital equally, even though Abel contributed P100,000 and Carr contributed P54,000 in identifiable assets. Under the bonus approach to adjust the capital accounts, Carr's unidentifiable asset should be debited for
4. Abel and Carr formed a partnership and agreed to divide initial capital equally, even though Abel contributed P100,000 and Carr contributed P54,000 in identifiable assets. Under the bonus approach to adjust the capital accounts, Carr's unidentifiable asset should be debited for
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
4. Under partnership
![4. Abel and Carr formed a partnership and agreed to divide
initial capital equally, even though Abel contributed P100,000
and Carr contributed P84,000 in identifiable assets. Under the
bonus approach to adjust the capital accounts, Carr's
unidentifiable asset should be debited for](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F66183b33-5ca0-43a3-8d76-64a30f253f7c%2Ffc1bec4f-d68c-447e-9889-706d19c341d7%2Fb46lspw_processed.jpeg&w=3840&q=75)
Transcribed Image Text:4. Abel and Carr formed a partnership and agreed to divide
initial capital equally, even though Abel contributed P100,000
and Carr contributed P84,000 in identifiable assets. Under the
bonus approach to adjust the capital accounts, Carr's
unidentifiable asset should be debited for
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