Cash of P60,000; • Land of P200,000 with an appraised value of P410,000; • Store furniture costing P40,000 less accumulated depreciation of P10,000; • Mortgage note payable P15,000 plus accrued interest for a year at 18%. The mortgage note is to be assumed by the partnership together with any unpaid interest incurred on the note. How much will be Carlo's initial capital on the partnership being formed?

Cash of P60,000; • Land of P200,000 with an appraised value of P410,000; • Store furniture costing P40,000 less accumulated depreciation of P10,000; • Mortgage note payable P15,000 plus accrued interest for a year at 18%. The mortgage note is to be assumed by the partnership together with any unpaid interest incurred on the note. How much will be Carlo's initial capital on the partnership being formed?

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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