On February 1, 2022, AA and BB formed apartnership and agreed to share profits in theratio of 4:6, respectively. AA contributed alaptop which cost him P68,000 and wasestimated to have a value of P50,000 on dateof formation. BB contributed cash ofP250,000.How much is the capital account of BB uponformation of the partnership? AA, BB and CC are partners with capitalbalances of P392,000, P1,365,000 andP595,000 respectively, sharing profits andlosses in the ratio of 3:2:1. DD is admitted asa new partner bringing with him expertiseand is to invest cash for a 25% interest in thepartnership which includes a credit ofP367,500 for bonus upon his admission.How much cash should DD contribute?

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On February 1, 2022, AA and BB formed a partnership and agreed to share profits in the ratio of 4:6, respectively. AA contributed a laptop which cost him P68,000 and was estimated to have a value of P50,000 on date of formation. BB contributed cash of P250,000. How much is the capital account of BB upon formation of the partnership?

On February 1, 2022, AA and BB formed a partnership and agreed to share profits in the ratio of 4:6, respectively. AA contributed a laptop which cost him P68,000 and was estimated to have a value of P50,000 on date of formation. BB contributed cash of P250,000. How much is the capital account of BB upon formation of the partnership?

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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