14. On July 1, Faminial and Fetalvero formed a partnership, agreeing to share profits and...
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14. On July 1, Faminial and Fetalvero formed a partnership, agreeing to share profits and losses in the ratio of 4:6 respectively. Faminial contributed a parcel of land that cost P25,000. Fetalvero contributed P50,000 cash. The land was sold for P50,000 on July 1, three hours after formation of the partnership. How much should be recorded in Faminial's capital account on formation of the partnership? a. P50,000. C. P25,000. b. P20,000 d. P10,000. chining their
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