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Determine the total partnership capital on April

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Question - On April 1, 2009, Aleli, Amy and Annie formed a partnership by combining their separate business proprietorships. Aleli contributed cash of P200,000. Amy contributed property with carrying amount of P144,000, original cost of P160,000 and fair value of P320,000. The partnership agreed to accept the responsibility for the P140,000 mortgage attached to the property. Annie contributed equipment with a carrying amount of P120,000, original cost of P300,000, and fair value of P220,000. The partnership agreement specifies the profits and losses are to be shared equally. Which partner has the largest capital account balance as of April 1, 2009? Using information above, determine the total partnership capital on April 01, 2009?

Reference no: EM133020952

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