Reference no: EM133182414
Questions -
Q1. On May 1, 2022, Carlo and Jamie formed a partnership by contributing P500,000 each.
In addition to Carlo's cash contribution, he invested furniture and fixtures costing P150,000 but with an agreed value of P80,000.
Moreover, Jamie invested land with a fair value of P1,200,000 but with professional appraiser's value of P1,110,000 subject to unpaid mortgage of P250,000. Profit or loss is to be shared equally between the partners.
How much will be the total capitalization of the partnership after the investment of Carlo and Jamie?
Q2. On May 1, 2022, Carlo has been in a trading business for five years as a sole proprietor.
He needed additional capital to fund business expansion so he decided to invite Jamie by investing cash for a one-third interest in the new partnership, CABLES Trading.
CABLES Trading would assume the liabilities of Carlo's business.
Jamie accepted the invitation and both agreed to revalue assets of Carlo's business as itemized: Accounts Receivable P50,000; Merchandise Inventory P28,000; Office Equipment P22,000; and Land P279,000.
Account balances in the books of Carlo were as follows:
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Account Titles
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Debit
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Credit
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Cash
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135,000
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Accounts Receivable
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60,000
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Allowance for Doubtful Accounts
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4,000
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Merchandise Inventory
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25,000
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Office Equipment
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33,000
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Accumulated Depreciation
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15,000
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Land
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260,000
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Accounts Payable
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194,000
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Carlo, Capital
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300,000
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How much is the capital of CABLES Trading upon formation?
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