On December 1, 2015, EE and FF formed a partnership agreeing to share profits and losses in the ration of 2:3, respectively, EE invested in a parcel of land that cost him P25,000. FF invested P30,000 cash. The land was sold for P50,000 on the same date, three hours after the formation of the partnership. How much should be the capital balances of EE right after formation? P25,000 O P30,000 P60,000 O P50,000 The answer is not provided.
On December 1, 2015, EE and FF formed a partnership agreeing to share profits and losses in the ration of 2:3, respectively, EE invested in a parcel of land that cost him P25,000. FF invested P30,000 cash. The land was sold for P50,000 on the same date, three hours after the formation of the partnership. How much should be the capital balances of EE right after formation? P25,000 O P30,000 P60,000 O P50,000 The answer is not provided.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![On December 1, 2015, EE and FF formed a
partnership agreeing to share profits and
losses in the ration of 2:3, respectively, EE
invested in a parcel of land that cost him
P25,000. FF invested P30,000 cash. The land
was sold for P50,000 on the same date, three
hours after the formation of the partnership.
How much should be the capital balances of
EE right after formation?
P25,000
O P30,000
O P60,000
O P50,000
The answer is not provided.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa0ee7f81-1c6d-4357-95f0-467a850ae716%2F65850bbf-c348-459a-9853-a1dab9d4f86e%2Fysh1xw_processed.jpeg&w=3840&q=75)
Transcribed Image Text:On December 1, 2015, EE and FF formed a
partnership agreeing to share profits and
losses in the ration of 2:3, respectively, EE
invested in a parcel of land that cost him
P25,000. FF invested P30,000 cash. The land
was sold for P50,000 on the same date, three
hours after the formation of the partnership.
How much should be the capital balances of
EE right after formation?
P25,000
O P30,000
O P60,000
O P50,000
The answer is not provided.
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