On March 15, 2014, x, Y, and Z formed a partnership. X contributed cash of P75,000. Y contributed property with carrying cost of P54,000 (Fair value of P120,000). The firm assumed the P50,000 mortgage attached to the property. Z contributed equipment (CA-P45,000, Original cost of, P112,500 and fair value of, P82,500). The total capital of the partnership on March 15, 2014 is?

On March 15, 2014, x, Y, and Z formed a partnership. X contributed cash of P75,000. Y contributed property with carrying cost of P54,000 (Fair value of P120,000). The firm assumed the P50,000 mortgage attached to the property. Z contributed equipment (CA-P45,000, Original cost of, P112,500 and fair value of, P82,500). The total capital of the partnership on March 15, 2014 is?

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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