8. Queso and Royal formed a partnership and named it Queso Royal. Queso, formerly a sole proprietor has assets with book value of P 300,000 and liabilities with book value of P 70, 000. The partnership decided to carry the assets of Queso at 110% of its book value and that Queso should also recognize additional liabilities ofP 10,000. Queso's adjusted net assets are equivalent to 2/3 of the partnership's net assets. How much is the capital balance of Royal immediately upon formation? a. P 125,000 b. P 75,000 c. P 150,000 d. P 100,000 a C

8. Queso and Royal formed a partnership and named it Queso Royal. Queso, formerly a sole proprietor has assets with book value of P 300,000 and liabilities with book value of P 70, 000. The partnership decided to carry the assets of Queso at 110% of its book value and that Queso should also recognize additional liabilities ofP 10,000. Queso's adjusted net assets are equivalent to 2/3 of the partnership's net assets. How much is the capital balance of Royal immediately upon formation? a. P 125,000 b. P 75,000 c. P 150,000 d. P 100,000 a C

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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