The LizQuen Partnership was formed on October 1. At that date, the following assets were contributed: Cash Merchandise Inventory Building Furniture and equipment P2,000,000 O P1,160,000 P1,000,000 Quentin P600,000 P280,000 OP840,000 Liza The building is subject to a mortgage loan of P320,000 which is to be assumed by the partnership. The partnership agreement provides that Liza and Quen share profit and loss c 60% and 40%, respectively. Assuming that the partnership agreement provides that the partners initially should have an equal interest in partnership capital, Quen's capital account in October 1 should be 880,000 440,000 120,000

The LizQuen Partnership was formed on October 1. At that date, the following assets were contributed: Cash Merchandise Inventory Building Furniture and equipment P2,000,000 O P1,160,000 P1,000,000 Quentin P600,000 P280,000 OP840,000 Liza The building is subject to a mortgage loan of P320,000 which is to be assumed by the partnership. The partnership agreement provides that Liza and Quen share profit and loss c 60% and 40%, respectively. Assuming that the partnership agreement provides that the partners initially should have an equal interest in partnership capital, Quen's capital account in October 1 should be 880,000 440,000 120,000

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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