question 78 On April 1, 2019 the balance in Jimin's capital account should be in what amount? *þn April 1, 2019, Jungkook and Jimin formed a partnership with each contributing the followingassets:JungkookP300,000JiminCashMachineryLand800,000550,0002,500,000250,000Fumiture & Fixtures100,000The Land is subject to mortgage loan of P500,000, which is to be assumed by the partnershipagreement provides that Jungkook and Jimin share profits and losses 30% and 70%, respectively.O 3,850,000O 2,900,000O 3,350,000O 3,500,000

Share of mortgage loan to be assumed by Jimin = Amount of mortgage loan * Share of Jimin in profits…

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Business

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balance in Jimin's capital account

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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Question

question 78

On April 1, 2019 the balance in Jimin's capital account should be in what amount? *
þn April 1, 2019, Jungkook and Jimin formed a partnership with each contributing the following
assets:
Jungkook
P300,000
Jimin
Cash
Machinery
Land
800,000
550,000
2,500,000
250,000
Fumiture & Fixtures
100,000
The Land is subject to mortgage loan of P500,000, which is to be assumed by the partnership
agreement provides that Jungkook and Jimin share profits and losses 30% and 70%, respectively.
O 3,850,000
O 2,900,000
O 3,350,000
O 3,500,000

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