1. Twinkle, Sheep and Bus formed a partnership. Twinkle contributed cash of PS0,000, Sheep contributed equipment with historical cost of P700,000, carrying amount of P180,000, and fair value of...


1. Under Partnership Liquidation


1. Twinkle, Sheep and Bus formed a partnership. Twinkle<br>contributed cash of PS0,000, Sheep contributed equipment<br>with historical cost of P700,000, carrying amount of P180,000,<br>and fair value of P90,000. Bus contributed building with<br>historical cost of P1,000,000, carrying amount of P480,000, and<br>fair value of P690,000. The partnership will assume the unpaid<br>mortgage of P580,000 on the building. Which partner has the<br>largest capital account balance on partnership formation?<br>

Extracted text: 1. Twinkle, Sheep and Bus formed a partnership. Twinkle contributed cash of PS0,000, Sheep contributed equipment with historical cost of P700,000, carrying amount of P180,000, and fair value of P90,000. Bus contributed building with historical cost of P1,000,000, carrying amount of P480,000, and fair value of P690,000. The partnership will assume the unpaid mortgage of P580,000 on the building. Which partner has the largest capital account balance on partnership formation?

Jun 10, 2022
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