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2. Therese admits Catherine as a partner in her business. Accounts in the ledgers of Therese on June 1, 20YY just prior to the admission
2. Therese admits Catherine as a partner in her business. Accounts in the ledgers of Therese on June 1, 20YY just prior to the admission of Catherine show the following ralmann. It is agreed that for purposes of establishing Therese's interest, the following adjustments shall be made: a. Only 95% of the total accounts receivable is ascertained to be collectible. b. The merchandise inventory is to be valued at P81,000. c. Prepaid expenses of P6,500 and interest expense of P500 on the note issued by Therese are to be recognized. How much cash should Catherine invest to give her 70% interest in the partnership
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