A, B, C are new lawyers and are decided to form a partnership. . A is to contribute cash of P50,000 and his computer originally cost P60,000 but has a fair value of P25,000. B is to contribute cash of P80,000. C, whose family is selling computers, is to contribute cash of P25,000 and a computer with a fair market value of P60,000 but which cost P50,000. Compute C's Capital account to be credited upon formation. ● .

A, B, C are new lawyers and are decided to form a partnership. . A is to contribute cash of P50,000 and his computer originally cost P60,000 but has a fair value of P25,000. B is to contribute cash of P80,000. C, whose family is selling computers, is to contribute cash of P25,000 and a computer with a fair market value of P60,000 but which cost P50,000. Compute C's Capital account to be credited upon formation. ● .

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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