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  3. 15. on apr 30, 2019, foja, lupian, and retada...

15. On Apr 30, 2019, Foja, Lupian, and Retada...

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Accounting

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15. On Apr 30, 2019, Foja, Lupian, and Retada formed a partnership by combining their separate business proprietorships. Foja contributed cash of P50,000. Lupian contributed property with a P36,000 carrying amount, a P40,000 original cost, and P80,000 fair value. The partnership assumed the P35,000 mortgage attached to the property. Retada contributed equipment with a P30,000 carrying amount, a P75,000 original cost, and P55,000 fair value. The partnership agreement specified that profits and losses are to be shared equally. Which partner has the largest Apr. 30, 2019, capital account balance? a. Foja. b. Retada. C. Lupian. d. All capital account balances are equal

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