Partners Do, Re and Mi formed a partnership. The following are their respectivecontributions and assumed liabilities:DoReMiCash - P50,000Cash P100,000Cash -P200,00ONotes Payable -Equipment- P50,000P25,000Accounts Payable -P20,000After the formation, how much is the total capital of the partnership?

Concept: the total capital of the partnership firm will be equal to the sum of all Assets less the…

Answered: Do Re Mi Cash - P50,000 Cash - P100,000…

Do Re Mi Cash - P50,000 Cash - P100,000 Cash -P200,000 Notes Payable - Equipment- P50,000 P25,000 Accounts Payable - P20,000 After the formation, how much is the total capital of the partnership?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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