On January 1, 2016, Regina, Jessica and Nataly formed a partnership with profit and loss sharing agreement | of 2:3:5; Regina contributed a land with assessed value from city assessor in the amount of P 1,000,000. The land is subject to a real estate mortgage which is annotated to the title of the land in the amount of P 800,000 and will be assumed by the partnership. The appraised value of the land is P 2,400,000. Jessica contributed a |building with a cost of P 2,000,000 and accumulated depreciation of P 1,500,000. The fair value of the |building is P 800,000. Nataly contributed investment in trading securities with historical cost of P 6,000,000. The trading securities have a quoted price in active market of P 3,000,000. The partners decided to bring their capital balances in accordance with their profit or loss sharing | agreement. The total agreed capitalization of the new partnership is P 10,000,000. Which of the following statements is correct? The agreed capital of Nataly is P 500,000 b Regina should contribute additional capital in the amount of P 1,800,000 Jessica should contribute additional capital in the amount of P 2,200,000 d a Nataly is entitled to withdraw in the amount of P 1,000,000

On January 1, 2016, Regina, Jessica and Nataly formed a partnership with profit and loss sharing agreement | of 2:3:5; Regina contributed a land with assessed value from city assessor in the amount of P 1,000,000. The land is subject to a real estate mortgage which is annotated to the title of the land in the amount of P 800,000 and will be assumed by the partnership. The appraised value of the land is P 2,400,000. Jessica contributed a |building with a cost of P 2,000,000 and accumulated depreciation of P 1,500,000. The fair value of the |building is P 800,000. Nataly contributed investment in trading securities with historical cost of P 6,000,000. The trading securities have a quoted price in active market of P 3,000,000. The partners decided to bring their capital balances in accordance with their profit or loss sharing | agreement. The total agreed capitalization of the new partnership is P 10,000,000. Which of the following statements is correct? The agreed capital of Nataly is P 500,000 b Regina should contribute additional capital in the amount of P 1,800,000 Jessica should contribute additional capital in the amount of P 2,200,000 d a Nataly is entitled to withdraw in the amount of P 1,000,000

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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