Question
26. On October 1, 2021, A and B formed a partnership and agreed to share profits and losses in the ratio 3:7 respectively. A contributed
26. On October 1, 2021, A and B formed a partnership and agreed to share profits and losses in the ratio 3:7 respectively. A contributed a parcel of Land that cost him P890,000. B contributed P1,000,000 cash. The land has a fair market value of P900,000 and agreed value of P905,000 on October 1, 2021. What amount should be recorded in As capital account upon formation of the partnership?
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International Accounting A User Perspective
Authors: Suadagaran, Shahrokh M, Smith Lawrence Murphy
5th Edition
1531018661, 9781531018665
