Marianne and Rina formed a partnership on March 1,2020 with the following investments: Marianne Rina Cash P150,000
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Question:
Marianne and Rina formed a partnership on March 1,2020 with the following investments:
Marianne Rina
Cash P150,000 P20,000
Supplies 20,000
Building P500,000
Instruction: Record the contribution of Marianne and Rina under the following assumptions:
1. The mortgage balance was not assumed by the partnership,
2. The mortgage balance was assumed by the partnership.
Expert Answer:
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