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Sunny and Gloomy contributed the following in the formation of a partnership business:
Sunny
Cash 180,000
Accounts Receivale 100,000
Inventory 160,000
Total 440,000
Groomy
Land (at historical cost) 340,000
Total: 340,000
Additional information:
Sunny and Gloomy agreed to have equal credits to their capital accounts. Cash settlement is to be made between the partners for the adjustments on their capital balances.
Requirement:
Question 1: Describe how the cash settlement should be made and how it would be accounted for in the partnership books.
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