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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?

FINANCIAL ACCOUNTING
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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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? Your answer
Transcribed Image Text: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? Your answer
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