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What amount should be recorded in Jose capital account

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Problem - On May 1, 2021, Jose and Pedro formed a partnership and agreed to share profits and losses in the ratio of 35', respectively. Jose contributed a computer that cost him P50,00U. Pedro contributed P200,000 cash. The computer was sold for P55,000 on May 1, 2011 immediately after the formation of the partnership. What amount should be recorded in Jose's capital account on formation of the partnership?

Reference no: EM132890385

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