Answered step by step
Verified Expert Solution
Question
1 Approved Answer
3. On January 1, 20x1, Mr. Angot and Ms. Banglo agreed to form a partnership and share profits and losses in the ratio of 3:7,
3. On January 1, 20x1, Mr. Angot and Ms. Banglo agreed to form a partnership and share profits and losses in the ratio of 3:7, respectively. Mr. Angot contributed a parcel of land that cost him P10,000. Ms. Banglo contributed P40,000 cash. The land was sold for P18,000 on January 1, 20x1, immediately after formation of the partnership. How much is the capital balance of Mr. Angot? a. 10,000 c. 29,000 b. 18,000 d. 40,000
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started