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What is the cash paid by jump for hip and hop

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Problem 1: Hip and Hop who share profits and losses in the ratio of 3:7 are partners with capital balances of P 40,000 and P 60,000, respectively. Jump is to be admitted into the partnership for 20% interest in the capital of the firm. If assets are revalued and the capital balances of Hip and Hop after recording the admission of Jump are P 52,000 and P 88,000, respectively, the cash paid by Jump is?

Reference no: EM132904392

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