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6. What is the amount of total assets after the formation? a. P 1,550,000 b. P 1,400,000 c. P 1,700,000 d. None of the above 7. What is the amount of total partners' capital after the formation? a. P 1,550,000 b. P 1,400,000 c. P 1,700,000 d. None of the above

6. What is the amount of total assets after the formation? a. P 1,550,000 b. P 1,400,000 c. P 1,700,000 d. None of the above 7. What is the amount of total partners' capital after the formation? a. P 1,550,000 b. P 1,400,000 c. P 1,700,000 d. None of the above

FINANCIAL ACCOUNTING
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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contributed real property with a P500,000 carrying value; P450,000 original cost, On January 2, 20xx, Abraham, Alexander and Anthony formed a partnership by combining their separate assets. Abraham contributed cash of P500,000. Alexander and P750,000 fair value. The partnership accepted responsibility for the P300,000 mortgage attached to the property. Anthony contributed machineries P550,000 carrying value; P500,000 original cost, and P450,000 fair value. The partnership agreement indicates that profits and losses are to be shared equally but is silent regarding capital contributions.
Transcribed Image Text:contributed real property with a P500,000 carrying value; P450,000 original cost, On January 2, 20xx, Abraham, Alexander and Anthony formed a partnership by combining their separate assets. Abraham contributed cash of P500,000. Alexander and P750,000 fair value. The partnership accepted responsibility for the P300,000 mortgage attached to the property. Anthony contributed machineries P550,000 carrying value; P500,000 original cost, and P450,000 fair value. The partnership agreement indicates that profits and losses are to be shared equally but is silent regarding capital contributions.
6. What is the amount of total assets after the formation? a. P 1,550,000 b. P 1,400,000 c. P 1,700,000 d. None of the above 7. What is the amount of total partners' capital after the formation? 3. a. P 1,550,000 b. P 1,400,000 c. P 1,700,000 d. None of the above
Transcribed Image Text:6. What is the amount of total assets after the formation? a. P 1,550,000 b. P 1,400,000 c. P 1,700,000 d. None of the above 7. What is the amount of total partners' capital after the formation? 3. a. P 1,550,000 b. P 1,400,000 c. P 1,700,000 d. None of the above
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