Allen and Marnie agreed to form A and M Partnership on November 2, 2022. Allen contributedP60,000 cash and a parcel of land which costs his father P250,000. The land has a fair marketvalue of P300,000 when he inherited it 4 years ago. Currently, the land is fairly valued atP440,000. Marnie, on the other hand, will contribute sufficient cash equal to 60% of Allen'scapitalization.At what amount should the land be valued in the books of the partnership?a. P250,000c. P440,000b. P300,000d. Answer not givenAt what amount should Allen's capital be credited?a. P440,000b. P500,000c. P360,000d. P310,000How much is the cash contribution of Marnie?a. P660,000b. P750,000c. P540,000d. P465,000

Partnership is one of the form of business organisation, under which two or more than two persons…

en and Marnie agreed to form A and M Partnership on November 2, 20 O,000 cash and a parcel of land which costs his father P250,000. The e of P300,000 when he inherited it 4 years ago. Currently, the la 0,000. Marnie, on the other hand, will contribute sufficient cash ec italization. At what amount should the land be valued in the books of the p a. P250,000 c. P440,000 b. P300,000 d. Answer not give At what amount should Allen's capital be credited? a. P440,000 b. P500,000 c. P360,000 d. P310,000

en and Marnie agreed to form A and M Partnership on November 2, 20 O,000 cash and a parcel of land which costs his father P250,000. The e of P300,000 when he inherited it 4 years ago. Currently, the la 0,000. Marnie, on the other hand, will contribute sufficient cash ec italization. At what amount should the land be valued in the books of the p a. P250,000 c. P440,000 b. P300,000 d. Answer not give At what amount should Allen's capital be credited? a. P440,000 b. P500,000 c. P360,000 d. P310,000

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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