Question
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
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?
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Integrated Accounting For Windows
Authors: Dale A. Klooster, Warren Allen
6th Edition
0324664850, 9780324664850
