A, B and C decided to form a partnership on March 1, 2022. They agree that A will contribute office equipment with a total fair value of P40,000; B will contribute delivery equipment with a fair value of P80,000; and C will contribute cash. If C wants a one- third interest in the capital and profits, he should contribute the cash amounting to:
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- Red, White and Blue form a partnership on May 1, 2020. They agree that Red will contribute office equipment with a total fair value of P 40, 000; White will contribute delivery equipment with a fair value of P 80, 000; and Blue will contribute cash. If Blue want a one- third interest in the capital and profits, how much total partnership capital would be? * •60, 000 O :40, 000 O : 180, 000 O :120, 000On January 1, 2022, A, B, C are new lawyers and agreed to form a partnership. . A is to contribute cash of P150,000 and his computer originally costing P160,000 but has a fair value of P125,000. . B is to contribute cash of P180,000. . C is to contribute vehicle costing P400,000 with a fair value of P420,000. Partners agreed to share profits equally. Additional investments made were P80,000 by A and P100,000 by C. Withdrawals: Each partner is allowed to withdraw up amount from the business each year. During the year, Partnership incurs a loss of P60,000. Compute for the A's ending capital balance. to P60,000 per year. Assume further that each partner withdrew the maximum2. Hammer and Nail formed a partnership. Hammer contributed equipment with original cost of P370,000 and fair value of P300,000 while Nail contributed cash of P180,000. Hammer and Nail agreed to have a 60:40 interest in the partnership and that their initial capital credits should reflect this fact. A partner's capital account should be increased accordingly by way of additional cash investment. Which of the partners should make an additional investment and by how much? a. Hammer, P20,000 b. Nail, P20,000 c. Hammer, P70,000 d. Nail, P70,000
- 81. Red, White, and Blue form a partnership on May 1,2013. They agree that Red will contribute office equipment with a total fair value of P40,000; White will contribute delivery equipment with a fair value of P80,000; and Blue will contribute cash. If Blue wants a one third interest in the capital and profits, he should contribute cash of: * O A. P40,000 O B. P120,000 О С. Рб0,000 O D. P180,000Juan, Pedro and Pablo agreed to form a partnership on June 1, 2022. Juan contributed inventory costing P50,000 with fair market value of P80,000; Pedro contributed a building with fair market value of P500,000. The partners agreed to record the building at P400,000. Pablo would like to have a 40% interest in the partnership. How much cash should Pablo invest?Partner A and Partner B decided to form a partnership. Partner A invested the following: Cash of P500,000, Land costing P200,000 with an fair value of P600,000; building, costing P1,500,000 with accumulated depreciation of P500,000 but with fair market value of P850,000, and mortgage note payable of P200,000. The mortgage payable is to be assumed by the partnership. Partner B invested cash to give her 30% interest in the partnership. How much cash did Partner B invests?
- X and Y are partners sharing profits 6:4, respectively. Capital accounts as of October 1, 2021 are X-P 560,000; Y-P 480,000. They agree to admit Z as a new partner with an investment of P260,000 for a interest in the partnership and that the assets are fairly valued, what would be the capital of Y after the admission of Z?A, B and C decided to form ABC Partnership on January 1, 2022.. . It was agreed that A will contribute an equipment with historical cost of P800,000 and accumulated depreciation of P500,000. On the date of formation, the fair value of equipment was P400,000. B will contribute an automobile with carrying amount of P1,200,000 and fair value of P1,500,000. The automobile is subject to a loan payable amounting to P300,000 to be assumed by the partnership. The partners agreed that C will have to contribute cash equal to half of B's capital. Compute the total capital of the partnership.A and B formed a partnership on February 28, 2022 by contributing P430,000 and P570,000, respectively. The operations of the partnership for 2022 resulted to a profit of P375,000. Partners A and B agreed to the following allocation scheme: a. Weekly salary allowance of P1,000 is to be given to Partner A; b. 5% interest is to be credited to the partners; c. Bonus of 10% based on profit after salaries and interest to B. d. Residual income is to be allocated equally. How should the profit be allocated to A and B, respectively?
- On May 1, 2022, AA and BB formed a partnership, agreeing to share profits and losses in the ratio of 2:4, respectively. AA invested a portion of land, acquired at P300,000, which was sold immediately at P500,000. BB invested cash of P1 million. How much should be the capital balance of AA right after the partnership formation?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?A, B and C formed a partnership on June 1, 2019. A is an industrial partner while B and Care capitalist partners with cash contribution of P 80,000 and P120,000, respectively. They share profits in the ratio of 2:5:3 to A, B and C, respectively. If operations for 2019 resulted to a loss of P 140,000, how much is the share of C? (2 Points)