Reference no: EM133111481
Questions -
Q1. A partner invested into a partnership a building with a P2,500,000 carrying value and P4,000,000 fair market value. The related mortgage payable of P1,250,000 was assumed by the partnership. As a result of the investment, the partner's capital account will be credited for
A. P1,250,000
B. P2,750,000
C. P2,500,000
D. P4,000,000
Q2. On May 1, 2021, Gonzaga and Bustos formed a partnership and agreed to share profits and losses in the ratio of 3:7, respectively. Gonzaga contributed a parcel of land that cost P100,000. Bustos contributed P400,000 cash. The land was sold for P180,000 on May 1, 2021, immediately after formation of the partnership. What amount should be recorded in Gonzaga's capital account upon formation of the partnership?
A. P150,000
B. P174,000
C. P100,000
D. P180,000
Q3. Ocampo invested in a partnership a parcel of land which cost his father P2,000,000. The land had a market value of P3,000,000 when Ocampo inherited it three years ago. Currently, the land is independently appraised at P5,000,000 even though Ocampo insisted that he "wouldn't take P9,000,000 for it". The land should be recorded in the accounts of the partnership at
A. P3,000,000
B. P5,000,000
C. P9,000,000
D. P2,000,000
Q4. Lacson and Solis started a partnership. Lacson contributed a building that she purchased 10 years ago for P1,000,000. The accumulated depreciation on the building on the date of formation of the partnership is P250,000 and the fair value is P1,100,000. For what amount will Lacson's capital account be credited on the books of the partnership?
A. P1,000,000
B. P 750,000
C. P1,100,000
D. P 250,000
Q5. Agaton joined a partnership by contributing the following: cash, P1,200,000; accounts receivable, P40,000; land P2,400,000 cost, P 4,000,000 fair value; and accounts payable, P160,000. What will be the initial amount recorded in Agaton's capital account?
A. P4,080,000
B. P4,240,000
C. P5,080,000
D. P5,240,000
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