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Determine the amount of cash to be invested by bbb

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On April 30, 2021, AAA admits BBB for an interest in his business. On this date, AAA's capital account shows a balance of P 158,400. The following were agreed upon before the formation of the partnership:

  • Prepaid expenses of P17,500 and accrued expenses of P5,000 are to be recognized.
  • 5% of the outstanding accounts receivable of AAA amounting to P100,000 is to be recognized as uncollectible.

Problem 1: BBB is to be credited with a one-third interest in the partnership and is to invest cash. Determine the amount of cash to be invested by BBB:

a. P32,950

b. P55,300

c. P35,000

d. P82,950

Reference no: EM132952614

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