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What amount should be recorded in jordan capital account

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Problem 1: On May 1, 2020, JORDAN and PIPPEN formed a partnership and agreed to share profits and losses in the ratio of 3:7, respectively. JORDAN contributed a computer that cost him P 50,000. PIPPEN contributed P 200,000 cash. The computer was sold for P 55,000 on May 1, 2020 immediately after the formation of the partnership. What amount should be recorded in JORDAN's capital account on formation of the partnership?

Reference no: EM132621441

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