On March 1, 2015, II and JJ formed a partnership with each contributing the following assets: || JJ Cash 300,000 700,000 Machinery & equipment 250,000 750,000 Building 2,250,000 Furniture & fixtures 100,000 The building is subject to mortgage loan of P800,000, which is not to be assumed by the partnership agreement provides that II and JJ share profits and losses 30% and 70% respectively. On March 1, 2015, the balance in JJ's capital account should be: O A. 3,700,000 O B. 3,140,000 O C. 3,050,000 O D. 2,900,000

On March 1, 2015, II and JJ formed a partnership with each contributing the following assets: || JJ Cash 300,000 700,000 Machinery & equipment 250,000 750,000 Building 2,250,000 Furniture & fixtures 100,000 The building is subject to mortgage loan of P800,000, which is not to be assumed by the partnership agreement provides that II and JJ share profits and losses 30% and 70% respectively. On March 1, 2015, the balance in JJ's capital account should be: O A. 3,700,000 O B. 3,140,000 O C. 3,050,000 O D. 2,900,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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