FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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On May 1, Rose, and Yana formed a partnership and agreed to share profits and losses 1:3 respectively. Rose contributed a parcel of land with a fair market value of P1,000,000. Yana contributed P3,000,000 cash. On May 1, immediately after formation of partnership, the land was sold for P1,100,000. WHat amount should be recorded in Rose's capital account on formation of the partnership?

 

a. P1,000,000

b. P1,050,000

c. P1,100,000

d. P1,025,000

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