In January 2016, Nick Marasigan and Dems Asacta agreed to produce and sell chocolate candies. Marasigan contributed P2,400,000 in cash to the business. Asacta contributed the building and equipment, valued at P2,200,000 and P1,400,000, respectively. The partnership had profits of P840,000 during 2016 but was less successful during 2017, when profit was only P400,000.
In January 2016, Nick Marasigan and Dems Asacta agreed to produce and sell chocolate candies. Marasigan contributed P2,400,000 in cash to the business. Asacta contributed the building and equipment, valued at P2,200,000 and P1,400,000, respectively. The partnership had profits of P840,000 during 2016 but was less successful during 2017, when profit was only P400,000.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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