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Please provide solutions thank you Use the following information to answer questions 7 - 8: On May 1, 2020, the business assets and liabilities of

Please provide solutions thank you

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Use the following information to answer questions 7 - 8: On May 1, 2020, the business assets and liabilities of Jose and Pedro appear below: Jose Pedro Cash P 28,000 P 62,000 Accounts Receivable 200,000 600,000 Inventories 120,000 200,000 Land 600,000 Building 500,000 Furniture and Fixtures 50,000 35,000 Other assets 2.000 3.000 Accounts Payable 180,000 250,000 Notes Payable 200,000 350,000 Capital jose and Pedro agreed to form a partnership contributing their respective assets and equities subject to the following adjustments: Accounts receivable of P20,000 in Jose's books and P40,000 in Pedro's books are uncollectible; Inventories of P6,000 and P7,000 are worthless in Jose's and Pedro's respective books; Other assets of P2,000 and P3,000 in Jose's and Pedro's respective books are to be written off 7. Determine the initial or the adjusted capital of Jose in the partnership. * Your answer 8. Determine the initial or the adjusted capital of Pedro in the partnership. *

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