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    Partnership Pretest 1 Print

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    John Michael Mateo
    Mr. A and Ms. B agreed to form a partnership. Mr. A contributed cash and furniture & fixtures, while Ms. B contributed cash, inventory, and a building. The building's fair value is ₱60,000 with a ₱10,000 mortgage assumed by the partnership.

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    Partnership Pretest 1 Print

    Uploaded by

    John Michael Mateo
    12 views2 pages
    Mr. A and Ms. B agreed to form a partnership. Mr. A contributed cash and furniture & fixtures, while Ms. B contributed cash, inventory, and a building. The building's fair value is ₱60,000 with a ₱10,000 mortgage assumed by the partnership.

    Original Title

    PARTNERSHIP PRETEST 1 PRINT

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    Mr. A and Ms. B agreed to form a partnership. Mr. A contributed cash and furniture & fixtures, while Ms. B contributed cash, inventory, and a building. The building's fair value is ₱60,000 with a ₱10,000 mortgage assumed by the partnership.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    12 views2 pages

    Partnership Pretest 1 Print

    Uploaded by

    John Michael Mateo
    Mr. A and Ms. B agreed to form a partnership. Mr. A contributed cash and furniture & fixtures, while Ms. B contributed cash, inventory, and a building. The building's fair value is ₱60,000 with a ₱10,000 mortgage assumed by the partnership.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    You are on page 1of 2

    22/11/2022

    Mr. A and Ms. B agreed to form a partnership. The contributions of the


    partners are as follows:
    Mr. A Ms. B
    Cash 20,000 30,000
    Inventory 20,000
    Building 40,000
    PARTNERSHIP Furniture & fixtures 40,000
    PRETEST 1
    The building has a fair value of P60,000 and is subject to a mortgage of
    P10,000, which the partnership has assumed. The partnership
    agreement also specified that profits and losses are to be distributed
    evenly.

    Requirement: Provide the entry to record the contributions of the


    partners in the partnership books.

    Mr. A and Ms. B agreed to form a partnership. The contributions of the


    partners are as follows: Ken and Charles are forming a partnership. Ken will
    Mr. A Ms. B
    Cash 20,000 30,000
    invest a truck with a book value of ₱20,000 and a fair
    Inventory 20,000
    Building 40,000
    Furniture & fixtures 40,000 value of ₱ 50,000. Charles will invest a building with
    The building has a fair value of P60,000 and is subject to a mortgage of
    P10,000, which the partnership has assumed. The partnership a book value of ₱200,000 and a fair value of ₱290,000
    agreement also specified that Mr. A and Mr. B should have a 60:40
    interest in the equity of the partnership.
    with a mortgage of ₱140,000. At what amount will the
    Requirements:
    A. Which partner shall receive cash payment from the other
    partner?
    building be recorded?
    B. Provide the entry to record the contributions of the partners.

    1
    22/11/2022

    Damon and D’Caprio formed a partnership with

    Damon investing cash of ₱150,000. How much should

    D’Caprio invest for a 40% ownership in assets and

    profits?

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