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At December 31, RR and SH are partners with capital balances of P40, 000 and P20, 000, and they share profits and losses in the

At December 31, RR and SH are partners with capital balances of P40, 000 and P20, 000, and they share profits and losses in the ratio of 2:1, respectively. On this date, PP invests P17, 000 in cash for a one-fifth interest in the capital and profit of the new partnership. Assuming that the bonus method is used, how much should be credited to PPs capital account on December 31?


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