On December 1, 2022, J and P formed a partnership. J invested land with a cost of P250,000. P invested P50,000 cash. On the date of formation, the land was sold for P50,000. They agreed to share profits and losses in the ratio of 2:3 to J and P, respectively. What is the capital balance of J after partnership formation?
On December 1, 2022, J and P formed a partnership. J invested land with a cost of P250,000. P invested P50,000 cash. On the date of formation, the land was sold for P50,000. They agreed to share profits and losses in the ratio of 2:3 to J and P, respectively. What is the capital balance of J after partnership formation?
Chapter21: Partnerships
Section: Chapter Questions
Problem 28P
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On December 1, 2022, J and P formed a
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