LL and SS started partnership. LL 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 their fair value is P110,000. For what amount will LL's capital account be credited on the books of the partnership?
LL and SS started partnership. LL 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 their fair value is P110,000. For what amount will LL's capital account be credited on the books of the partnership?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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LL and SS started
Transcribed Image Text:LL and SS started partnership. LL 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 their fair value
is P110,000. For what amount will LL's capital account be credited on the
books of the partnership? *
P 25,000
P100,000
O P 75,000
O P110,000
Transcribed Image Text:LL and SS started partnership. LL 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 their fair value
is P110,000. For what amount willI LL's capital account be credited on the
books of the partnership? *
P 25,000
P100,000
O P 75,000
O P110,000
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