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Determine the amount that will be credited to Jay

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Question - Land was acquired by Mr. Jay at a cost of P150,000 in 2015 and decided to invest this in a real estate business in June 2020 when the market value of the Land was P300,000. The business name is J Realty. The property has an outstanding mortgage payable with the bank of P20,000. If J Realty is going to assume the liability of P20,000, determine the amount that will be credited to Jay, Capital in June 2020?

Reference no: EM133115394

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