Marked out of 3.00 A and B agreed to form a partnership. A contributes Cash, 600,000, Inventory 20,000. Half of the inventory is unpaid, the partnership agreed to assume the related accounts payable, Equipment 50,000. B contributes a land amounting to 400,000 which has a fair value of 700,000. The land is subject to a mortgage 100,000. B agreed to settle the mortgage personally. How much are the adjusted capital contributions of A and B, respectively

Marked out of 3.00 A and B agreed to form a partnership. A contributes Cash, 600,000, Inventory 20,000. Half of the inventory is unpaid, the partnership agreed to assume the related accounts payable, Equipment 50,000. B contributes a land amounting to 400,000 which has a fair value of 700,000. The land is subject to a mortgage 100,000. B agreed to settle the mortgage personally. How much are the adjusted capital contributions of A and B, respectively

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Recommendations for THE INTERNATIONAL CONVERGENCE PROJECT AND THEROADMAP TO CONVERGENCE issues. It has to be clear and appropriate.
Define each of the following terms:g. Joint venture; corporate alliance
Why monitoring the alliance portfolio in terms of implementing business unit strategies and corporate strategy and policies is necessary for successful alliance portfilio management?
State and explain the importance of private public partnership?
Discuss the notion of a partner acting as the partnership's agent.
example about : a) independent projects b) mutually exclusive projects
Conclusion connected to the argument of THE INTERNATIONAL CONVERGENCE PROJECT AND THEROADMAP TO CONVERGENCE and positively stated.
Analysis relevant to THE INTERNATIONAL CONVERGENCE PROJECT AND THEROADMAP TO CONVERGENCE.; Issues clearly defined. Links made between theory and issues of THE INTERNATIONAL CONVERGENCE PROJECT AND THEROADMAP TO CONVERGENCE.
Forming stage deals with mutual acceptance among ؟
DISCUSS the Background of THE INTERNATIONAL CONVERGENCE PROJECT AND THEROADMAP TO CONVERGENCE.
An advantage of the partnership as a form of business organization would be
Question 8: What at least 3 main features of the reporting system that you would put in place for reporting results against planned partnership outcomes