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Problem 2-6 (Cash and Noncash Contributions) The partnership of Agana and Ayesa was formed on September 1, 2014. At the date, the following assets were

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Problem 2-6 (Cash and Noncash Contributions) The partnership of Agana and Ayesa was formed on September 1, 2014. At the date, the following assets were invested: Cash Agana Ayesa Inventories P 200,000 P 80,000 Land 440,000 Building 200,000 Furniture and Fixture 600,000 920 ,000 The building is subject to a mortgage loan of P240,000, which is to be assumed by the partnership. The partnership contract provides that Agana and Ayesa share earnings 40% and 60%, respectively. Instructions: Compute the amount of Ayesa's capital account at September 1, 2014 assuming that the partnership agreement provides that: 1. Each partner is credited for the full amount of net assets invested. 2. The partners initially should have an equal interest in the partnership capital. 3. The initial parurership capital is shared proportionate to the partners' profit and loss ratio

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