ACTIVITY • On March 1, 2021, A and B formed partnership with each contributing the following assets: The building is subject to mortgage loan of P800,000 which is to be assumed by the partnership agreement provides that A and B share profits and losses 30% and 70%, respectively. On March 1, 2021 the balance of A and B capital account should be: A B Cash 300.000 700.000 Machinery and equipment 250.000 Building Furniture and fixture 750.000 2.250.000 100,000

ACTIVITY • On March 1, 2021, A and B formed partnership with each contributing the following assets: The building is subject to mortgage loan of P800,000 which is to be assumed by the partnership agreement provides that A and B share profits and losses 30% and 70%, respectively. On March 1, 2021 the balance of A and B capital account should be: A B Cash 300.000 700.000 Machinery and equipment 250.000 Building Furniture and fixture 750.000 2.250.000 100,000

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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Concept explainers

Real Estate

Real estate means ownership of land along with the assets and natural resources that exist on the land. These properties are in real/physical form which is tangible. Real estate simply means land or addition made to land permanently like constructing a residence or different buildings. People invest in real estate to either reside or for wealth creation. Many people investing in real estate further lend the place for occupation or businesses in return for a monthly payment.

Question

ACTIVITY
• On March 1, 2021, A and B formed partnership with each contributing the following
assets:
The building is subject to mortgage loan of
P800,000 which is to be assumed by the
partnership agreement provides that A and B
share profits and losses 30% and 70%,
respectively. On March 1, 2021 the balance
of A and B capital account should be:
A
в
Cash
300.000
700.000
Machinery and equipment 250,000
Building
Furniture and fixture
750,000
2.250.000
100,000

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