Corazon invests P100,000 in a partnership for a one-third interest. Prior to Corazon’ admission, the partnership had two partners with capital balances of P190,000 each. If no asset revaluation is recognized prior to Corazon’s admission, what amount is credited to her capital account? a. P135,000 b. P160,000 c. P170,000 d. P190,000
Corazon invests P100,000 in a partnership for a one-third interest. Prior to Corazon’ admission, the partnership had two partners with capital balances of P190,000 each. If no asset revaluation is recognized prior to Corazon’s admission, what amount is credited to her capital account? a. P135,000 b. P160,000 c. P170,000 d. P190,000
Chapter11: Partnerships: Distributions, Transfer Of Interests, And Terminations
Section: Chapter Questions
Problem 39P
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Question
Corazon invests P100,000 in a
the partnership had two partners with capital balances of P190,000 each. If no asset revaluation is
recognized prior to Corazon’s admission, what amount is credited to her capital account?
a. P135,000
b. P160,000
c. P170,000
d. P190,000
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