Question
On June 30, 2021, Mike, Tony, and Rene formed a partnership investing assets to the business. Mike contributed cash of P 300,000 and P18,000 worth
On June 30, 2021, Mike, Tony, and Rene formed a partnership investing assets to the business. Mike contributed cash of P 300,000 and P18,000 worth of office supplies but P1,500 was considered unusable. Tony contributed property with P 700,000 carrying value, which has been originally purchased for P 950,000 but was appraised by a professional appraiser amounting to P650,000 and cash of P25,000. Rene contributed land with a fair value of P 900,000. The partnership assumed the P 150,000 mortgage attached to the land invested by Rene.
How much capital is credited to Mike on July 1, 2021, the day partnership was formed?
How much capital is credited to Tony on July 1, 2021, the day partnership was formed?
How much capital is credited to Rene on July 1, 2021, the day partnership was formed?
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Managerial Accounting For Undergraduates
Authors: Christensen, Theodore E. Hobson, L. Scott Wallace, James S.
1st Edition
1618531123, 9781618531124
