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Question - The books of CB as of July 31, 2020 has the following information:
2,500 Cash
10,000 Accounts receivable
15,000 Merchandise inventory
18,000 Furnitures and fixtures
6,000 Accounts payable
It is estimated that 5% of the receivable may prove uncollectible. Merchandise inventory includes obsolete items costing P5,000 of which P2,000 might still be realized. Depreciation has never been recorded. The fixtures are two years old, have an estimated life of 5 years, and would cost P20,000 if currently purchased. DA is to be admitted as a partner upon his investment of P20,000 cash and P10,000 worth of merchandise. What is the total assets of the partnership?
a. P74,000
b. P70,100
c. P48,000
d. P75,000
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