4. On February 1, 20xx, Gina and Karren formed a partnership, agreeing to share profits and losses in the ratio of 3:7 respectively. Gina contributed P300,000 cash. Karren contributed a parcel of land...


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4. On February 1, 20xx, Gina and Karren formed a partnership, agreeing to share<br>profits and losses in the ratio of 3:7 respectively. Gina contributed P300,000 cash.<br>Karren contributed a parcel of land that cost P700,000. Three hours after formation<br>of the partnership, the land was sold for P750,000. How much should be recorded in<br>Karren's capital account on formation of the partnership?<br>Nam<br>Prog<br>Exer<br>Two<br>a. P 300,000.<br>b. P 350,000.<br>1. C<br>c. P 700,000.<br>d. P 750,000.<br>e. None of the above<br>

Extracted text: 4. On February 1, 20xx, Gina and Karren formed a partnership, agreeing to share profits and losses in the ratio of 3:7 respectively. Gina contributed P300,000 cash. Karren contributed a parcel of land that cost P700,000. Three hours after formation of the partnership, the land was sold for P750,000. How much should be recorded in Karren's capital account on formation of the partnership? Nam Prog Exer Two a. P 300,000. b. P 350,000. 1. C c. P 700,000. d. P 750,000. e. None of the above

Jun 09, 2022
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