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Boboy and Tess formed a partnership on January 1, 2020. To start the partnership, Boboy transferred cash totaling P116,000 and office equipment with a book
Boboy and Tess formed a partnership on January 1, 2020. To start the partnership, Boboy transferred cash totaling P116,000 and office equipment with a book value of P90,000 and a fair market value of P84,000. Tess transferred cash of P56,000, land valued at P36,000, and a building valued at P300,000. Tess bought these at a lump sum price of P250,000. In addition, the partnership assumed the mortgage of P232,000 on the building What is the amount of capital to be credited to Boboy on January 1, 2020? Question 45Select one: P206,000 P392,000 P200,000 P160,000
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