e. None of On August 1, 20xx, Jen, Jennie and Jennifer formed a partnership by combining their separate assets. property with original cost of P350,000 and fair value of P700,000. The partnership assumed the P200,000 mortgage attached to the property, Jennifer whose family is engaged in buy and sell of vehicles, is to contribute cash of P300,000 and a pre-owned vehicle to be used by the partnership with a regular sales of P450,000. The vehicle was bought by the family's business in the amount of P425,000. The partners agreed to share profits and losses in the ratio of 1:2:3. Their capital balances upon formation are: a. Jen, P250,000; Jennie, P150,000; and Jennifer, P300,000. b. Jen, P250,000, Jennie, P350,000, and Jennifer, P450,000. c. Jen, P250,000, Jennie, P700,000; and Jennifer, P725,000, d. Jen, P250,000; Jennie, P500,000; and Jennifer, P750,000. e. None of the above Jen contributed cash of P250,000. Jennie contributed

e. None of On August 1, 20xx, Jen, Jennie and Jennifer formed a partnership by combining their separate assets. property with original cost of P350,000 and fair value of P700,000. The partnership assumed the P200,000 mortgage attached to the property, Jennifer whose family is engaged in buy and sell of vehicles, is to contribute cash of P300,000 and a pre-owned vehicle to be used by the partnership with a regular sales of P450,000. The vehicle was bought by the family's business in the amount of P425,000. The partners agreed to share profits and losses in the ratio of 1:2:3. Their capital balances upon formation are: a. Jen, P250,000; Jennie, P150,000; and Jennifer, P300,000. b. Jen, P250,000, Jennie, P350,000, and Jennifer, P450,000. c. Jen, P250,000, Jennie, P700,000; and Jennifer, P725,000, d. Jen, P250,000; Jennie, P500,000; and Jennifer, P750,000. e. None of the above Jen contributed cash of P250,000. Jennie contributed

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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