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What is the amount of partnership capital on october

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Question - On October 1, 2020, Alba and Ang formed a partnership and agreed to share profits and losses in the ratio of 3:7 respectively. Alba contributed cash of P100,000 and a parcel of land that cost him P200,000. Ang contributed P300,000 cash. The land has a quoted price of P360,000 on October 1, 2020. What is the amount of partnership capital on October 1, 2020?

Reference no: EM132939616

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