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How much cash shall be contributed by jm

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Q1. D, E and F share partnership profits in the ratio of 2:3:5. On September 30, F opted to retire from the partnership. The capital balances on this date follow: D, Capital - P25,000 E, Capital - P40,000 F, Capital - P35,000 F accepted a fully depreciated PPE for a value of P10,000 and P40,000 cash in full settlement of the partnership interest. How much is the capital of D after retirement of F?

Q2. On January 1, 2022, Tonie, Abbie and JM entered into articles of co-partnership for the operation of TAJ computer shop. Toni contributed investment property with assessed value of P1,700,000 subject to mortgage payable of P500,000 to be assumed by the partnership. Abbie contributed computer equipment with cost of P600,000 with accumulated depreciation of P200,000. The fair market value of the computer equipment is P300,000. On January 2, 2022, the partnership was able to sell the investment property for P2,000,000. How much cash shall be contributed by JM if the articles of co-partnership provide that Toni will have 60% interest in the partnership?

Reference no: EM133180798

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