6. Orcajada invested in a partnership a parcel of land which čost his father P200,000.The land had a market value of P300,000 when Orcajada inherited it three yearsÇurrently, the land is independently appraised at P500,000 even thoughOrcajada insisted that he "wouldn't take P900,000 for it." The land should berecorded in the accounts of the partnership atago.C. goo. 000a. P300,000.b. P500,000.d. 200,000 . On Apr, 30, 2019, tacson, Vacapin, and Bernal formed a partnership by tmbiningtheir separate business proprietorships, Lacson contribuuted cash of 0,000.Yacapin contributed property with a P36,000 carrying amount, a 40,00000Cost, and PSO,000 fair value, The partnership accepted responsibiity fo theP35,000 mortgage attached to the property.Bernal contributed equipment with a P30,000 carrying amount, a P75,000 originalcost, and PSS,000 fair value, The partnership agreement specifies that protits andlosses are to be shared equally but is silent regarding capital contributions. Whichpartner has the largest Apr. 30, 2019, capital balance?a.LacsonBernalC.b.Yacapind.All capital account balances are equal

Answered: n the accounts of the partnership at

Business

Accounting

n the accounts of the partnership at

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter14: Choice Of Business Entity—operations And Distributions

Section: Chapter Questions

Problem 26P

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Orcajada invested in a partnership a parcel of land which cost his father P200,000. The land had a market value of P300,000 when Orcajada inherited it three years ago. Currently, the land is independently appraised at P500,000. The partners agreed that the value of the land at P450,000. The land should be recorded in the accounts of the partnership at Orcajada invested in a partnership a parcel of land which cost his father P200,000.The land had market value of P300,000 when Orcajada inherited it three years ago.Currently, the land is independently appraised at P500,000 even though Orcjada insistedthat he “woudn’t take P900,000 for it.”The land should be recorded in the accounts ofthe partnership at a.P300,000 b.P900,000 c.P500,000 d.P200,000
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2.
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