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What is the adjusted balance of your capital account if the cash contribution of Partner 1 as listed is the peso equivalent of 6,250 foreign currency units (FCU)? The current exchange rate is P45:FCU1. Also, provide the entry to record the contribution in the partnership books.

What is the adjusted balance of your capital account if the cash contribution of Partner 1 as listed is the peso equivalent of 6,250 foreign currency units (FCU)? The current exchange rate is P45:FCU1. Also, provide the entry to record the contribution in the partnership books.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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What is the adjusted balance of your capital account if the cash contribution of Partner 1 as listed is the peso equivalent of 6,250 foreign currency units (FCU)? The current exchange rate is P45:FCU1. Also, provide the entry to record the contribution in the partnership books.

Partner 1 Partner 2 Cash 250,000 430,000 1,250,000 2,000,000 330,000 1,800,000 1,000,000 Accounts receivable Land Building Accounts payable Notes payable Сapital 400,000 500,000 1,900,000 3,600,000
Transcribed Image Text:Partner 1 Partner 2 Cash 250,000 430,000 1,250,000 2,000,000 330,000 1,800,000 1,000,000 Accounts receivable Land Building Accounts payable Notes payable Сapital 400,000 500,000 1,900,000 3,600,000
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