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What amount should be recorded

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Question - On May 1, 2017, Kobe and Mateo formed a partnership and agreed to share profits and losses in the ratio of 3:7, respectively. Kobe contributed a parcel of land that cost him P10,000. Mateo contributed P40,000 cash. The land was sold for P18,000 on May 1,2017, immediately after formation of the partnership. What amount should be recorded in Kobe's capital account on formation of the partnership?

Reference no: EM133011302

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