5. Weng, Wency and Winnie forming a new partnership. Weng is to invest cash of P150,000 and printing equipment originally costing P250,000 but has a second- hand market value of P150,000. Wency is to invest cash of P300,000. Winnie whose family is engaged in selling printing equipment, is to contribute cash of P50,000 and a brand new printing equipment to be used by the partnership with a regular price of P250,000 but which cost their family's business P200,000. Partners agreed to share profits equally. Their capital balances upon formation are: a. Weng, P150,000; Wency, P300,000; and Winnie, P250,000. b. Weng, P400,000; Wency, P300,000; and Winnie, P250,000. c. Weng, P300,000; Wency, P300,000; and Winnie, P250,000. d. Weng, P300,000; Wency, P300,000; and Winnie, P300,000, e. None of the above
5. Weng, Wency and Winnie forming a new partnership. Weng is to invest cash of P150,000 and printing equipment originally costing P250,000 but has a second- hand market value of P150,000. Wency is to invest cash of P300,000. Winnie whose family is engaged in selling printing equipment, is to contribute cash of P50,000 and a brand new printing equipment to be used by the partnership with a regular price of P250,000 but which cost their family's business P200,000. Partners agreed to share profits equally. Their capital balances upon formation are: a. Weng, P150,000; Wency, P300,000; and Winnie, P250,000. b. Weng, P400,000; Wency, P300,000; and Winnie, P250,000. c. Weng, P300,000; Wency, P300,000; and Winnie, P250,000. d. Weng, P300,000; Wency, P300,000; and Winnie, P300,000, e. None of the above
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Hi! Please choose the correct LETTER of answer:
Transcribed Image Text:5. Weng, Wency and Winnie forming a new partnership. Weng is to invest cash
P150,000 and printing equipment originally costing P250,000 but has a second-
hand market value of P150,000. Wency is to invest cash of P300,000. Winnie
whose family is engaged in selling printing equipment, is to contribute cash of
P50,000 and a brand new printing equipment to be used by the partnership with
regular price of P250,000 but which cost their family's business P200,000.
Partners agreed to share profits equally. Their capital balances upon formation
are:
a. Weng, P150,000; Wency, P300,000; and Winnie, P250,000.
b. Weng, P400,000; Wency, P300,000; and Winnie, P250,000.
c. Weng, P300,000; Wency, P300,000; and Winnie, P250,000.
d. Weng, P300,000; Wency, P300,000; and Winnie, P300,000.
e. None of the above
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