On December 1, 2020, ELDIAN and MARLEY formed a partnership, agreeing to share for profits and losses in the ratio of 2:3, respectively. ELDIAN invested a parcel of land that cost him P134,375. MARLEY invested P161,250 cash. The land was sold for P268,750 on the same date, three hours after formation of the partnership. How much should be the capital balance of ELDIAN right after formation?
On December 1, 2020, ELDIAN and MARLEY formed a partnership, agreeing to share for profits and losses in the ratio of 2:3, respectively. ELDIAN invested a parcel of land that cost him P134,375. MARLEY invested P161,250 cash. The land was sold for P268,750 on the same date, three hours after formation of the partnership. How much should be the capital balance of ELDIAN right after formation?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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