On January 5, 2020, Elsa and Frozen formed a partnership with the following investments: Elsa contribute Cash, P200,000; Furniture and Fixtures, P80,000 while Frozen invested Cash amounting to P100,000 and Land, P350,000. Land was mortgaged to BPI for 50,000. Their agreed profit and loss ratio is 80:20 respectively. If Elsa is required to make his share in equity equal to 60%. How much is the total equity of the partners
On January 5, 2020, Elsa and Frozen formed a partnership with the following investments: Elsa contribute Cash, P200,000; Furniture and Fixtures, P80,000 while Frozen invested Cash amounting to P100,000 and Land, P350,000. Land was mortgaged to BPI for 50,000. Their agreed profit and loss ratio is 80:20 respectively. If Elsa is required to make his share in equity equal to 60%. How much is the total equity of the partners
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On January 5, 2020, Elsa and Frozen formed a partnership with the following investments: Elsa contribute Cash, P200,000; Furniture and Fixtures, P80,000 while Frozen invested Cash amounting to P100,000 and Land, P350,000. Land was mortgaged to BPI for 50,000. Their agreed profit and loss ratio is 80:20 respectively. If Elsa is required to make his share in equity equal to 60%.
How much is the total equity of the partners?
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