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How much should be recorded in lindio capital account

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Question - On July 1, Lindio and Ricafort formed a partnership, agreeing to share profits and losses in the ratio of 4:6 respectively. Lindio contributed a parcel of land that cost P25,000. Ricafort contributed P50,000 cash. The land was sold for P50,000 on July 1, three hours after the formation of the partnership. How much should be recorded in Lindio's capital account on formation of the partnership?

a. P10,000

b. P20,000

c. P25,000

d. P50,000

Reference no: EM133154838

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