A partner invests into a partnership a building with a P25,000 carrying value and P40,000 fair market value. The related mortgage payable of P12,500 is assumed by the partnership. The entry to record the investment in partnership is: a. Building Mortgage Payable Capital b. Building Mortgage Payable Capital c. Capital O A OB O C O D Mortgage Payable Building d. Capital Mortgage Payable Building 40,000 25,000 25,000 40,000 12,500 12,500 12,500 27,500 12,500 27,500 12,500 12,500

A partner invests into a partnership a building with a P25,000 carrying value and P40,000 fair market value. The related mortgage payable of P12,500 is assumed by the partnership. The entry to record the investment in partnership is: a. Building Mortgage Payable Capital b. Building Mortgage Payable Capital c. Capital O A OB O C O D Mortgage Payable Building d. Capital Mortgage Payable Building 40,000 25,000 25,000 40,000 12,500 12,500 12,500 27,500 12,500 27,500 12,500 12,500

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter15: Partnership Accounting

Section: Chapter Questions

Problem 6MC: Juan contributes marketable securities to a partnership. The book value of the securities is $7,000...

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