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Pete''s capital account on december 31

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Question: 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 P17,000 in cash for a one-fifth interest 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: EM133007184

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