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Ihsan Co. & Mufd Co. formed a partnership with each partner contributing the following items: Ihsan Company Mufid Company Book Value Market Value Book Value
Ihsan Co. & Mufd Co. formed a partnership with each partner contributing the following items: Ihsan Company Mufid Company Book Value Market Value Book Value Market Value Cash $ 80,000 $40,000 Building 300,000 400,000 Inventory 200,000 280,000 Accounts receivable 35,000 30,000 Note payable 120,000 60,000 Ihsan and Mufid agree to share profits and losses equally. What is the balance in each partner's capital account for financial accounting purposes? a. Ihsan $360,000 , Mufid $ 290,000 b. Ihsan $260,000 and Mufid $290,000 c. Ihsan $ 360,000 , Mufid $ 215,000 d. Ihsan $260,000 and Mufid $215,000
Ihsan Co. & Mufd Co. formed a partnership with each partner contributing the following items:
Ihsan Company
Mufid Company
Book Value
Market Value
Book Value
Market Value
Cash
$ 80,000
$40,000
Building
300,000
400,000
Inventory
200,000
280,000
Accounts receivable
35,000
30,000
Note payable
120,000
60,000
Ihsan and Mufid agree to share profits and losses equally.
What is the balance in each partner's capital account for financial accounting purposes?
a.
Ihsan $360,000 , Mufid $ 290,000
b.
Ihsan $260,000 and Mufid $290,000
c.
Ihsan $ 360,000 , Mufid $ 215,000
d.
Ihsan $260,000 and Mufid $215,000
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