Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Cong and Dong have just formed a partnership. Cong contributed cash of P126,000 and computer equipment that cost P54,000. The computer had been used in
Cong and Dong have just formed a partnership. Cong contributed cash of P126,000 and computer
equipment that cost P54,000. The computer had been used in his sole proprietorship and had
been depreciated to P24,000. The fair value of the equipment is P36,000. Cong also contributed
a note payable of PI2,000 to be assumed by the partnership. Cong is to have 60% interest in the
partnership. Dong contributed only P90,000 cash.
Cong should make an additional investment (withdrawal) of:
a.
P96,000
c.
(P 7 6,800)
b.
84,000
d.
(P15,000)
Guerrero 2013
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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