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On October 1, 2022, Albano and Armando formed a partnership and agreed to share profits and losses in the ratio 3:7, respectively. Albano contributed a
On October 1, 2022, Albano and Armando formed a partnership and agreed to share profits and losses in the ratio 3:7, respectively. Albano contributed a parcel of land that cost him P2,000,000. Armando contributed P3,000,000 cash. The land has a quoted price of P3,600,000 on October 1, 2022. What amount should be recorded in Albano's capital account upon formation of the partnership?
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