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How cua shall contribute assets amounting to

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Cheng, Chavez and Chato are partners sharing profits and losses in the ratio of 4:3:3, respectively. The condensed statement of financial position of the partnership shows as of December 31, 2020 the following:

Cash - P100,000;

Other Assets - P260,000;

Liabilities - P80,000;

Cheng, Capital - P120,000;

Chavez, Capital - P80,000;

Chato, Capital - P80,000.

Problem 1: All the partners agree to admit Cua as 1/6 partner in the partnership without any asset revaluation nor bonus. Cua shall contribute assets amounting to? Present explanation with correct journal entry and in good accounting form.

Reference no: EM132794261

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