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Sunny and Gloomy contributed the following in the formation of a partnership business:
Sunny
Cash 180,000
Accounts Receivale 100,000
Inventory 160,000
Total 440,000
Groomy
Land (at historical cost) 340,000
Total: 340,000
Additional information:
Requirement:
Problem 1: Compute for the adjusted balances of the partners capital accounts.
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