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Cye and Dye have just formed a partnership. Cye contributed cash of P126,000 and computer equipment that cost P54,000. The computer had been used in his sole proprietorship and had been depreciated to P24,000. The fair value of the equipment is  P36,000. Cye also contributed a note payable of P12,000 to be assumed by the partnership. Cye is to have 60% interest in the partnership. Dye contributed only P90,000 cash.  Cye should make an additional investment (withdrawal) of: a.P(76,800)       b.P96,000 c.P(15,000) d.P84,000

Cye and Dye have just formed a partnership. Cye contributed cash of P126,000 and computer equipment that cost P54,000. The computer had been used in his sole proprietorship and had been depreciated to P24,000. The fair value of the equipment is  P36,000. Cye also contributed a note payable of P12,000 to be assumed by the partnership. Cye is to have 60% interest in the partnership. Dye contributed only P90,000 cash.  Cye should make an additional investment (withdrawal) of: a.P(76,800)       b.P96,000 c.P(15,000) d.P84,000

FINANCIAL ACCOUNTING
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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Cye and Dye have just formed a partnership. Cye contributed cash of P126,000 and computer equipment that cost P54,000. The computer had been used in his sole proprietorship and had been depreciated to P24,000. The fair value of the equipment is  P36,000. Cye also contributed a note payable of P12,000 to be assumed by the partnership. Cye is to have 60% interest in the partnership. Dye contributed only P90,000 cash.

 Cye should make an additional investment (withdrawal) of:

a.P(76,800)      

b.P96,000
c.P(15,000)
d.P84,000
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