4. On February 1, 20xx, Gina and Karren formed a partnership, agreeing to share profits and losses in the ratio of 3:7 respectively. Gina contributed P300,000 cash. Karren contributed a parcel of land that cost P700,000. Three hours after formation of the partnership, the land was sold for P750,000. How much should be recorded in Karren's capital account on formation of the partnership? a. P 300,000. b. P 350,000. c. P 700,000. d. P 750,000. e. None of the above

4. On February 1, 20xx, Gina and Karren formed a partnership, agreeing to share profits and losses in the ratio of 3:7 respectively. Gina contributed P300,000 cash. Karren contributed a parcel of land that cost P700,000. Three hours after formation of the partnership, the land was sold for P750,000. How much should be recorded in Karren's capital account on formation of the partnership? a. P 300,000. b. P 350,000. c. P 700,000. d. P 750,000. e. None of the above

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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