A and B formed a partnership. The following are their capital contributions: A B Cash Accounts...
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A and B formed a partnership. The following are their capital contributions: A B Cash Accounts receivable Equipment Total 200,000 50,000 250,000 350,000 350,000 Additional information: The accounts receivable includes a P15,000 account that is deemed uncollectible. • The equipment is over-depreciated by P25,000. The equipment was obtained by B through financing. The related loan payable has an unpaid balance of P125,000 which the partnership assumes on repaying. Question: Which partner has the higher capital credit, and by how much? A and B formed a partnership. The following are their capital contributions: A B Cash Accounts receivable Equipment Total 200,000 50,000 250,000 350,000 350,000 Additional information: The accounts receivable includes a P15,000 account that is deemed uncollectible. • The equipment is over-depreciated by P25,000. The equipment was obtained by B through financing. The related loan payable has an unpaid balance of P125,000 which the partnership assumes on repaying. Question: Which partner has the higher capital credit, and by how much?
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Answer rating: 100% (QA)
Total net capital 250000350000 600000 Dedact uncollectible accoun... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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