On January 2, 20xx, Abraham, Alexander and Anthony formed a partnership by combining their separate assets. Abraham contributed cash of P500,000. Alexander contributed real property with a P500,000 carrying value; P450,000 original cost and P750,000 fair value. The partnership accepted responsibility for the P300,000 mortgage attached to the property. Anthony contributed machineries P550,000 carrying value; P500,000 original cost, and P450,000 fair value. The partnership agreement indicates that profits and losses are to be shared equally but is silent regarding capital contributions. 3. Which partner has the largest capital balance? a. Abraham b. Alexander c. Anthony d. All capital balances are equal 4. The real property should be recorded in the books of the partnership at a. P 500,000 b. P 450,000 c. P 750,000 d. None of the above 5. The machineries should be recorded in the books of the partnership at a. P 550,000 b. P 500,000 c. P 450,000 d. None of the above

On January 2, 20xx, Abraham, Alexander and Anthony formed a partnership by combining their separate assets. Abraham contributed cash of P500,000. Alexander contributed real property with a P500,000 carrying value; P450,000 original cost and P750,000 fair value. The partnership accepted responsibility for the P300,000 mortgage attached to the property. Anthony contributed machineries P550,000 carrying value; P500,000 original cost, and P450,000 fair value. The partnership agreement indicates that profits and losses are to be shared equally but is silent regarding capital contributions. 3. Which partner has the largest capital balance? a. Abraham b. Alexander c. Anthony d. All capital balances are equal 4. The real property should be recorded in the books of the partnership at a. P 500,000 b. P 450,000 c. P 750,000 d. None of the above 5. The machineries should be recorded in the books of the partnership at a. P 550,000 b. P 500,000 c. P 450,000 d. None of the above

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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It says they answers are wrong from your example.