Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Mr. A and Ms. B formed a partnership and agreed to divide initial capital equally even though Mr. A contributed P100,000 Ms. B contributed P84,000
Mr. A and Ms. B formed a partnership and agreed to divide initial capital equally even though Mr. A contributed P100,000 Ms. B contributed P84,000 in identifiable assets.
5. The partners agreed that the difference in the amount of contribution and the amount of credit to the partner's capital shall be treated as cash settlement between the partners. Which of the following is correct? a. A pays B P16,000 b. B pays A P16,000 c. A pays B P8,000 d. The cash settlement between the partners is not recorded in the partnership booksStep 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