1. On May 1, 2008, Jose and Pedro formed a partnership and agreed to share profits and losses in the ratio of 3:7, respectively. Jose contributed a computer that cost him P50,000.Pedro contributed P200,000 cash. The computer was sold for P55,000 on May 1, 2008 immediately after the formation of the partnership. What amount should be recorded in Jose's capital account on formation of the partnership?
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1. On May 1, 2008, Jose and Pedro formed a
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- On May 1, 2018, Jose and Pedro formed a partnership and agreed to share profits and losses in the ratio of 3:7, respectively. Jose contributed a computer that cost himP50,000. Pedro contributed P200,000 cash. The computer was sold for P55,000 on May 1, 2018 immediately after the formation of the partnership. What amount should be recorded in Jose’s capital account on formation of the partnership?a. P55,000 b. P51,500 c. P60,000 d. P50,000On February 1, 2022, AA and BB formed a partnership and agreed to share profits in the ratio of 4:6, respectively. AA contributed a laptop which cost him P68,000 and was estimated to have a value of P50,000 on date of formation. BB contributed cash of P250,000. How much is the capital account of BB upon formation of the partnership?1. On May 1, 2019, Gonzaga and Balace formed a partnership and agreed to share profits and losses in the ratio of 3:7, respectively. Gonzaga contributed a parcel of land that cost P10,000. Balace contributed P40,000 cash. The land was sold for P18,000 on May 1,2019, immediately after formation of the partnership. What amount should be recorded in Gonzaga's capital account on formation of the partnership? a. P15,000 b. P17,400 C. P10,000 d. P18,000
- On December 1, 2022, J and P formed a partnership. J invested land with a cost of P250,000. P invested P50,000 cash. On the date of formation, the land was sold for P50,000. They agreed to share profits and losses in the ratio of 2:3 to J and P, respectively. What is the capital balance of J after partnership formation?On December 1, 2022, EE and FF formed a partnership, agreeing to share for profits and losses in the ratio of 2:3, respectively. EE invested a parcel of land that cost him P25,000. FF invested P30,000 cash. The land was sold for P50,000 on the same date, three hours after formation of the partnership. How much should be the capital balance of EE right after formation?On May 1, 2016, Peppa and Piggy formed a partnership and agreed to share profits and losses in the ration of 3:7, respectively. Peppa contributed a parcel of land that cost P10,000. Piggy contributed P40,000 cash. The land was sold for P18,000 on May 1, 2016, immediately after formation of the partnership. What amount should be recorded in Peppa’s capital account on formation of the partnership?
- On December 1, 2020, Louie and Kaye Ann formed a partnership, agreeing to share for profits and losses in the ratio of 2:3, respectively. Louie invested a parcel of land that cost him P25,000. Kaye Ann invested P30,000 cash. The land was sold for P50,000 on the same date, three hours after formation of the partnership. How much should be the capital balance of Louie right after formation?a. P25,000 c. P60,000b. 30,000 d. 50,0001. On December 1, 2020, Antipolo and Bunao formed a partnership, agreeing to share for profits and losses in the ratio of 2:3, respectively. Antipolo invested a parcel of land that cost him P134,375. Bunao invested P161,250 cash. The land was s old for P268,750 on the same date, three hours after formation of the partnership. How much should be the capital balance of Antipolo right after formation? a. P134,375 b. P161,250 C. P322,500 d. P268,7501. On May 1, 2019, Gonzaga and Balace formed a partnershipandagreed to share profits and losses in the ratio of 3:7, respectively. Gonzaga contributed a parcel of land that cost P10,000. Balace contributed P40,000 cash. The land was sold for P18,000 on May 1,2019, immediately after formation of the partnership. What amount should be recorded in Gonzaga's capital account on formation of the partnership? a. P15,000 b. P17,400 P10,000 C. d. P18,000
- 14. On July 1, Faminial and Fetalvero formed a partnership, agreeing to share profits and losses in the ratio of 4:6 respectively. Faminial contributed a parcel of land that cost P25,000. Fetalvero contributed P50,000 cash. The land was sold for P50,000 on July 1, three hours after formation of the partnership. How much should be recorded in Faminial's capital account on formation of the partnership? c. P25,000. d. P10,000. a. P50,000. b. P20,000. 15. On Apr. 30, 2019, Foja, Lupian, and Retada formed a partnership by combining their separate business proprietorships. Foja contributed cash of P50,000. Lupian contributed property with a P36,000 carrying amount, a P40,000 original cost, and P80,000 fair value. The partnership assumed the P35,000 mortgage attached to the property. Retada contributed equipment with a P30,000 carrying amount, a P75,000 original cost, and P55,000 fair value. The partnership agreement specified that profits and losses are to be shared equally. Which partner…On May 1, 2021, Cobb and Mott formed a partnership and agreed to share profits and losses in the ratio for 3:7, respectively. Cobb contributed a parcel of land that cost him P 10,000. Mott contributed P 40,000 cash. The land was sold for P 18,000 on May 1, 2021, immediately after formation of the partnership. What amount should be recorded in Cobb's capital account on formation of the partnership? A 10,000 В 18,000 C 15,000 17,400On December 1, 2015, EE and FF formed a partnership agreeing to share profits and losses in the ration of 2:3, respectively, EE invested in a parcel of land that cost him P25,000. FF invested P30,000 cash. The land was sold for P50,000 on the same date, three hours after the formation of the partnership. How much should be the capital balances of EE right after formation? P25,000 O P30,000 O P60,000 O P50,000 The answer is not provided.