Jose, Pedro and Juan formed a partnership on April 30, with the following assets, measured at...

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Jose, Pedro and Juan formed a partnership on April 30, with the following assets, measured at their fair market values, contributed by each partner: Cash Automobile Delivery trucks Computer and printer Office furniture Land and building Jose P100,000 85,000 1,500,000 P1.685.000 Pedro P120,000 280,000 51,000 35.000 P486 000 Juan P300,000 25,000 P325.000 Although Juan has contributed the most cash to the partnership, he did not have the full amount of P300, 000 available and was forced to borrow P200, 000. The land and building contributed by Jose has a mortgage of P900, 000 and the partnership is to assume responsibility of the loan. If the profit and loss sharing agreement is 40 percent, 40 percent, and 20 percent respectively for Jose, Pedro and Juan, what is the total capital investment of all the partners at the opening of business on April 30? Jose, Pedro and Juan formed a partnership on April 30, with the following assets, measured at their fair market values, contributed by each partner: Cash Automobile Delivery trucks Computer and printer Office furniture Land and building Jose P100,000 85,000 1,500,000 P1.685.000 Pedro P120,000 280,000 51,000 35.000 P486 000 Juan P300,000 25,000 P325.000 Although Juan has contributed the most cash to the partnership, he did not have the full amount of P300, 000 available and was forced to borrow P200, 000. The land and building contributed by Jose has a mortgage of P900, 000 and the partnership is to assume responsibility of the loan. If the profit and loss sharing agreement is 40 percent, 40 percent, and 20 percent respectively for Jose, Pedro and Juan, what is the total capital investment of all the partners at the opening of business on April 30?

Answer rating: 100% (QA)

Joses Capital Investment Cash P100000 Automobile P85000 Delivery Trucks P280000 Computer and Prin... View the full answer