n April 30, 2018, Lacson, Yacapin, and Bernal formed a partnership by combining their separate business proprietors. Lacson contributed cash of P50,000. Yacapin contributed property with a P36,000 carrying amount, a P40,000 original cost, and P80,000 fair value. The partnership accepted responsibity for the P35,000 mortgaged attached to the property. Bernal contributed equipment with a P30,000 carrying amount, a P75,000 original cost, and P55,000 fair value. The partnership agreement specifies that profits and losses are to be shared equally but is silent regarding capital contributions. Which partner has the largest capital balance?
n April 30, 2018, Lacson, Yacapin, and Bernal formed a partnership by combining their separate business proprietors. Lacson contributed cash of P50,000. Yacapin contributed property with a P36,000 carrying amount, a P40,000 original cost, and P80,000 fair value. The partnership accepted responsibity for the P35,000 mortgaged attached to the property. Bernal contributed equipment with a P30,000 carrying amount, a P75,000 original cost, and P55,000 fair value. The partnership agreement specifies that profits and losses are to be shared equally but is silent regarding capital contributions. Which partner has the largest capital balance?
Chapter10: Partnerships: Formation, Operation, And Basis
Section: Chapter Questions
Problem 25CE
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n April 30, 2018, Lacson, Yacapin, and Bernal formed a
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT