On December 1, 2015, EE and FF formed a partnership agreeing to share profits and losses in the ration of 2:3, respectively, EE invested in a parcel of land that cost him P25,000. FF invested P30,000 cash. The land was sold for P50,000 on the same date, three hours after the formation of the partnership. How much should be the capital balances of EE right after formation? P25,000 O P30,000 P60,000 O P50,000 The answer is not provided.

On December 1, 2015, EE and FF formed a partnership agreeing to share profits and losses in the ration of 2:3, respectively, EE invested in a parcel of land that cost him P25,000. FF invested P30,000 cash. The land was sold for P50,000 on the same date, three hours after the formation of the partnership. How much should be the capital balances of EE right after formation? P25,000 O P30,000 P60,000 O P50,000 The answer is not provided.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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