and B formed a partnership on January 1, 2022. A contributed cash of P480,000 and B contributed land with a fair value of P640,000. The partnership assumed the mortgage on the land which amounted to P160,000 on January 1. B originally paid P360,000 for the land. On July 31, 2022. the partnership sold the land for P800,000. How much is the share of B in the gain on sale of the land in the p

and B formed a partnership on January 1, 2022. A contributed cash of P480,000 and B contributed land with a fair value of P640,000. The partnership assumed the mortgage on the land which amounted to P160,000 on January 1. B originally paid P360,000 for the land. On July 31, 2022. the partnership sold the land for P800,000. How much is the share of B in the gain on sale of the land in the p

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter21: Partnerships

Section: Chapter Questions

Problem 28P

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Griffin and Rhodes formed a partnership on January 1, 2022. Griffin contributed cash of P120,000 and Rhodes contributed land with a fair value of P160.000. The partnership assumed the mortgage on the land which amounted to P40,000 on January 1. Rhodes originally paid P90,000 for the land. On July 31, 2022, the partnership sold the land for P190,000. Assuming Griffin and Rhodes share profits and losses equally, how much of the gain from the sale of land should be credited to Griffin? O 30,000 15,000 O 35,000 12.857 3. Paul and Ray sell instruments through their partnership. To bring in additional funds and expertise, they decide to add Janet to the partnership. Paul's capital is P400,000, Ray's capital is P200,000, and Janet invested P180,000. It was agreed that Janet and Ray will have equal capital balances and Paul will have a 35% capital interest. Using the bonus method, what will be the adjusted capital of Paul? O 273,000 O 300,000 O 253,500 O 260,000
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1. On December 1, 2020, Antipolo and Bunao formed a partnership, agreeing to share for profits and losses in the ratio of 2:3, respectively. Antipolo invested a parcel of land that cost him P134,375. Bunao invested P161,250 cash. The land was s old for P268,750 on the same date, three hours after formation of the partnership. How much should be the capital balance of Antipolo right after formation? a. P134,375 b. P161,250 C. P322,500 d. P268,750
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A, B and C decided to form a partnership on March 1, 2022. They agree that A will contribute office equipment with a total fair value of P40,000; B will contribute delivery equipment with a fair value of P80,000; and C will contribute cash. If C wants a one- third interest in the capital and profits, he should contribute the cash amounting to:
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