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19. The statement of financial position as of July 31, 2016 for the businesses owned by C. Boora shows the following assets and liabilities: Cash
19. The statement of financial position as of July 31, 2016 for the businesses owned by C. Boora shows the following assets and liabilities: Cash P2,500 Accounts receivable 10,000 Merchandise inventory 15,000 Fixtures 18,000 Accounts payable 6,000 It is estimated that 5% of the receivables may prove uncollectible. Merchandise inventory includes obsolete items costing P5,000 of which P2,000 might still be realized. Depreciation has never been recorded: the fixtures are two years old, have an estimated useful life of 10 years, and would cost P20,000 if currently purchased. D. Arce is to be admitted as a partner upon his investment of P20,000 cash and P10,000 worth of merchandise. What is the total assets of the partnership
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