Lacson and Bernal started a partnership. Lacson contributed a building that she purchased 10 years ago for P100,000. The accumulated depreciation on the building on the date of formation of the partnership is P25,000 and the fair value is P110,000. For what amount will Lacson’s capital account be credited on the books of the partnership?
Lacson and Bernal started a partnership. Lacson contributed a building that she purchased 10 years ago for P100,000. The accumulated depreciation on the building on the date of formation of the partnership is P25,000 and the fair value is P110,000. For what amount will Lacson’s capital account be credited on the books of the partnership?
Lacson and Bernal started a partnership. Lacson contributed a building that she purchased 10 years ago for P100,000. The accumulated depreciation on the building on the date of formation of the partnership is P25,000 and the fair value is P110,000. For what amount will Lacson’s capital account be credited on the books of the partnership?
Lacson and Bernal started a partnership. Lacson contributed a building that she purchased 10 years ago for P100,000. The accumulated depreciation on the building on the date of formation of the partnership is P25,000 and the fair value is P110,000. For what amount will Lacson’s capital account be credited on the books of the partnership?
Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.
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