How much should be recorded in pps capital account

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Question: On July 1, CC and LL formed a partnership, agreeing to share profits and losses in the ratio of 4:6, respectively. ML contributed a parcel of land that cost her P25,000. PP contributed P50,000 cash. The land was sold for P50,000 on July 1, four hours after formation of the partnership. How much should be recorded in PP's capital account on the partnership formation?

Reference no: EM133416814

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