Faith, Hope, and Love are partners sharing profits and losses in the ratio 221 and have capital balances of P800,000, P800,000, and P400,000, respectively Mercy pays P220,000 directly to Love for 1/2 of her share in the partnership Partners agree that it is time to revalue the assets of the partnership using as a basis, the amount Mercy is willing to pay Total partnership capital after the admission of Mercy is Select the correct response 47 P2,220,000 P2,040,000 P1,600,000 P2,200,000

Faith, Hope, and Love are partners sharing profits and losses in the ratio 221 and have capital balances of P800,000, P800,000, and P400,000, respectively Mercy pays P220,000 directly to Love for 1/2 of her share in the partnership Partners agree that it is time to revalue the assets of the partnership using as a basis, the amount Mercy is willing to pay Total partnership capital after the admission of Mercy is Select the correct response 47 P2,220,000 P2,040,000 P1,600,000 P2,200,000

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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