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Determine the total assets of the partnership

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Problem - Jane and Kathy are joining their separate business to form a partnership. Cash and non-cash assets are to be contributed for a total capital of P300,000. The non-cash assets are to be contributed and liabilities to be assumed are as follows:

 

Jane

Kathy

 

Book Value

Fair Value

Book Value

Fair Value

Receivable

P22,500

P22,500

 

 

Inventories

22,500

33,750

P60,000

P67,500

Equipment

37,500

30,000

67,500

71,250

Payable

11,250

11,250

7,500

7,500

The partner's capital accounts are to be equal after all contributions of assets and assumptions of liabilities. Determine the total assets of the partnership.

Reference no: EM132768167

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