On May 1, 2022, Carlo and Jamie formed a partnership agreeing to share profits and losses in the ratio of 2:3 respectively. Jamie invested a parcel of land that cost her P250,000. Carlo invested P300,000 cash. The land was sold for P500,000 on the same date, three hours after formation of the partnership. How much should be the initial total capitalization of the partnership?

On May 1, 2022, Carlo and Jamie formed a partnership agreeing to share profits and losses in the ratio of 2:3 respectively. Jamie invested a parcel of land that cost her P250,000. Carlo invested P300,000 cash. The land was sold for P500,000 on the same date, three hours after formation of the partnership. How much should be the initial total capitalization of the partnership?

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter4: Gross Income: Concepts And Inclusions

Section: Chapter Questions

Problem 12DQ

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