On July 1, 2020, X, Y and Z formed a partnership by combining their separate business proprietorships. X contributed cash of P 200,000. Y contributed property with a carrying amount of P144,000, original cost of P160,000. and a fair value of P320,000. The partnership accepted responsibility for the P140,000 mortgage attached to the property. Z contributed equipment with a carrying amount of P120,000, original cost of P300,000 and fair market value of P220,000. The partnership agreement specifies that profits and losses are to be shared equally. How much is the investment of Y?*
On July 1, 2020, X, Y and Z formed a partnership by combining their separate business proprietorships. X contributed cash of P 200,000. Y contributed property with a carrying amount of P144,000, original cost of P160,000. and a fair value of P320,000. The partnership accepted responsibility for the P140,000 mortgage attached to the property. Z contributed equipment with a carrying amount of P120,000, original cost of P300,000 and fair market value of P220,000. The partnership agreement specifies that profits and losses are to be shared equally. How much is the investment of Y?*
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On July 1, 2020, X, Y and Z formed a partnership by combining their separate business proprietorships. X contributed cash of P 200,000. Y contributed property with a carrying amount of P144,000, original cost of P160,000. and a fair value of P320,000. The partnership accepted responsibility for the P140,000 mortgage attached to the property. Z contributed equipment with a carrying amount of P120,000, original cost of P300,000 and fair market value of P220,000. The partnership agreement specifies that profits and losses are to be shared equally. How much is the investment of Y?*
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