A and B entered into a partnership on April 1, 2020 by investing the following assets: A - Cash P30,000 and Office Equipment with an agreed value of P200,000. B-Accounts receivable P90,000 and Transportation Equipment of P160,000. The agreement between A and B provides that profits and losses are to be divided into 40% and 60% respectively, and that the partnership is to assume a liability on the Transportation Equipment of P60,000. The partnership further agreed that B is to receive a capital credit equal to his profit and loss ratio. How much cash is to be invested by

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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A and B entered into a partnership on April 1, 2020 by investing the following assets: A - Cash P30,000 and Office Equipment with an agreed value of P200,000. B-Accounts receivable P90,000 and Transportation Equipment of P160,000. The agreement between A and B provides that profits and losses are to be divided into 40% and 60% respectively, and that the partnership is to assume a liability on the Transportation Equipment of P60,000. The partnership further agreed that B is to receive a capital credit equal to his profit and loss ratio. How much cash is to be invested by B?
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