Which of the following statements is correct?A pays C ₱60,000. A receives ₱60,000 from C. A and B pays C a total of ₱60,000. A pays B ₱60,000. A, B and C formed a partnership. Their contributions are as follows:AвCash80,00020,000200,000EquipmentTotals160,00080,000180,000200,000Additional information:• Although C has contributed the most cash to the partnership, he did not have the full amount of P200,000available and was forced to borrow P80,000.• The equipment contributed by B has an unpaid mortgage of P40,000, the repayment of which is assumedby the partnership.The partners agreed to equalize their interest. Cash settlements among the partners are to be madeoutside the partnership.

Partnership is the agreement between two or more partners to run business jointly and shares profit…

Answered: Which of the following statements is…

Which of the following statements is correct? A pays C ₱60,000. A receives ₱60,000 from C. A and B pays C a total of ₱60,000. A pays B ₱60,000.

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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