Blossom, Bubbles and Buttercup formed a partnership to which Blossom contributed a parcel of land with an acquisition cost of P 25,000. Bubbles contributed P50,000 cash and Buttercup P 75,000 cash. The land has a fair value of P 50,000 at the formation date. The total capital credit of the partnership should be * a. P 150,000 b. P 125,000 c. P 175,000 d. P 145,000
Blossom, Bubbles and Buttercup formed a partnership to which Blossom contributed a parcel of land with an acquisition cost of P 25,000. Bubbles contributed P50,000 cash and Buttercup P 75,000 cash. The land has a fair value of P 50,000 at the formation date. The total capital credit of the partnership should be * a. P 150,000 b. P 125,000 c. P 175,000 d. P 145,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Blossom, Bubbles and Buttercup formed a partnership to which Blossom contributed a parcel of land with an acquisition cost of P 25,000. Bubbles contributed P50,000 cash and Buttercup P 75,000 cash. The land has a fair value of P 50,000 at the formation date. The total capital credit of the partnership should be *
a. P 150,000
b. P 125,000
c. P 175,000
d. P 145,000
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