Ranran, Sansan, and Tantan are forming a new partnership. The following are their contributions: • Ranran is to invest cash of P100,000 and stapling equipment originally costing P120,000 but has a second-had market value of P50,000. • Sansan is to invest cash of P 160,000. • Tantan, whose family is engaged in selling stapling equipment, is to contribute cash of P50,000, and a brand-new stapling equipment to be used by the partnership with a regular price of P 120,000 but which cost their family's busmess P100,000. • The partners agreed to share profits and loss equally. The capital balances upon formation are: a) Ranran - ₱220,000; Sansan - ₱160,000; Tantan - ₱220,000 b) Ranran - ₱150,000; Sansan - ₱160,000; Tantan - ₱170,000 c) Ranran - ₱150,000; Sansan - ₱160,000; Tantan - ₱220,000 d) Ranran - ₱176,666; Sansan - ₱176,666; Tantan - ₱176,668
Ranran, Sansan, and Tantan are forming a new partnership. The following are their contributions: • Ranran is to invest cash of P100,000 and stapling equipment originally costing P120,000 but has a second-had market value of P50,000. • Sansan is to invest cash of P 160,000. • Tantan, whose family is engaged in selling stapling equipment, is to contribute cash of P50,000, and a brand-new stapling equipment to be used by the partnership with a regular price of P 120,000 but which cost their family's busmess P100,000. • The partners agreed to share profits and loss equally. The capital balances upon formation are: a) Ranran - ₱220,000; Sansan - ₱160,000; Tantan - ₱220,000 b) Ranran - ₱150,000; Sansan - ₱160,000; Tantan - ₱170,000 c) Ranran - ₱150,000; Sansan - ₱160,000; Tantan - ₱220,000 d) Ranran - ₱176,666; Sansan - ₱176,666; Tantan - ₱176,668
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Ranran, Sansan, and Tantan are forming a new
• Ranran is to invest cash of P100,000 and stapling equipment originally costing P120,000 but has a second-had market value of P50,000.
• Sansan is to invest cash of P 160,000.
• Tantan, whose family is engaged in selling stapling equipment, is to contribute cash of P50,000, and a brand-new stapling equipment to be used by the partnership with a regular price of P 120,000 but which cost their family's busmess P100,000.
• The partners agreed to share
The capital balances upon formation are:
a) Ranran - ₱220,000; Sansan - ₱160,000; Tantan - ₱220,000
b) Ranran - ₱150,000; Sansan - ₱160,000; Tantan - ₱170,000
c) Ranran - ₱150,000; Sansan - ₱160,000; Tantan - ₱220,000
d) Ranran - ₱176,666; Sansan - ₱176,666; Tantan - ₱176,668
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