On July1, 2021, Jungkook, Jimin and J-Hope formed a partnership by combining their separate business proprietors. Jungkook contributed cash of P700,000. Jimin contributed property with P360,000...

question 82

Extracted text: On July1, 2021, Jungkook, Jimin and J-Hope formed a partnership by combining their separate business proprietors. Jungkook contributed cash of P700,000. Jimin contributed property with P360,000 carrying amount, a P500,000 original cost and P800,000 fair market value. The partnership accepted responsibility for theP450,000 mortgage attached to the property. J- Hope contributed equipment with aP300,000 carrying amount, P750,000 original cost, and P550,000 fair value. The partnership agreement specifies that profits and losses are to be shareequally but is silent regarding capital contributions. What is the capital balance of Jungkook? * O 533,000 O 700,000 750,000 550,000