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On July 01, 2020, A, B, and C formed a business partnership to be operated as an advertising agency. A contributed PHP100,000 cash while B shall have capital credit of PHP60,000 upon receipt of bonus of PHP10,000 from A based on the provision in Articles of Co-Partnership. The terms of the agreement provide that A and B shall have a combined 40% capital interest in the newly formed partnership. What is the capital contribution made by C to the partnership?

On July 01, 2020, A, B, and C formed a business partnership to be operated as an advertising agency. A contributed PHP100,000 cash while B shall have capital credit of PHP60,000 upon receipt of bonus of PHP10,000 from A based on the provision in Articles of Co-Partnership. The terms of the agreement provide that A and B shall have a combined 40% capital interest in the newly formed partnership. What is the capital contribution made by C to the partnership?

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 July 01, 2020, A, B, and C formed a business partnership to be operated as an advertising agency. A contributed PHP100,000 cash while B shall have capital credit of PHP60,000 upon receipt of bonus of PHP10,000 from A based on the provision in Articles of Co-Partnership. The terms of the agreement provide that A and B shall have a combined 40% capital interest in the newly formed partnership. What is the capital contribution made by C to the partnership?

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