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How much should be credited to Pete capital account

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Problem - At December 31, Rod and Sol are partners with capital balances of P40,000 and P20,000, and they share profits and losses in the ratio of 2:1, respectively. On this date Pete invests P1?,OOO in cash for a one-fifth in the capital and profit of the new partnership. Assuming that assets are not revalued, how much should be credited to Pete's capital account on December 31?

Reference no: EM132890576

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