On April 1, 2019, Jungkook and Jimin formed a partnership with each contributing the following assets: Jungkook P300,000 Jimin 800,000 550,000 Cash Machinery Land Furniture & Fixtures 250,000 2,500,000 100,000 The Land is subject to mortgage loan of P500,000, which is to be assumed by the partnership agreement provides that Jungkook and Jimin share profits and losses 30% and 70%, respectively.

On April 1, 2019, Jungkook and Jimin formed a partnership with each contributing the following assets: Jungkook P300,000 Jimin 800,000 550,000 Cash Machinery Land Furniture & Fixtures 250,000 2,500,000 100,000 The Land is subject to mortgage loan of P500,000, which is to be assumed by the partnership agreement provides that Jungkook and Jimin share profits and losses 30% and 70%, respectively.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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