ove and Joy formed a partnership. Love contributed cash of P126,000 and computer equipment that cost P54,000. The computer had been used in his business and had been depreciated for P24,000. The fair value of the equipment is P36,000. Joy contributed cash amounting to P90,000 and also a note payable of P12,000 to be assumed by the partnership. If Joy is entitled of 60% interest in the partnership, how much should be her total capital of the partnership?
ove and Joy formed a partnership. Love contributed cash of P126,000 and computer equipment that cost P54,000. The computer had been used in his business and had been depreciated for P24,000. The fair value of the equipment is P36,000. Joy contributed cash amounting to P90,000 and also a note payable of P12,000 to be assumed by the partnership. If Joy is entitled of 60% interest in the partnership, how much should be her total capital of the partnership?
Chapter15: Partnership Accounting
Section: Chapter Questions
Problem 5MC: Chani contributes equipment to a partnership that she purchased 2 years ago for $10,000. The current...
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