Reference no: EM133118033
Question 1 - On October 1, 2020, Alba and Ang formed a partnership and agreed to share in the profits and losses in the ratio 3:7, respectively. Alba contributed cash of P1,000,000 and a parcel of land that cost him P2,000,000. Ang contributed P3,000,000 cash. The land had a quoted price of P3,600,000 on October 1, 2020. What is the amount of partnership capital on October 1, 2020?
A. P3,600,000
B. P4,600,000
C. P7,600,000
D. P9,600,000
Question 2 - On June 30, 2021, a partnership was formed by Ariston and Astoria. Ariston contributed cash. Astoria, previously a sole proprietor, contributed non-cash assets including a real property subject to a mortgage, which was assumed by the partnership. Astoria's capital account at June 30, 2021 should be recorded at
A. the fair value of the property less the mortgage payable at June 30, 2021
B. Astoria's carrying amount of the property at June 30, 2021
C. Astoria's carrying amount of the property less mortgage payable at June 30, 2021
D. the fair value of the property at June 30, 2021
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