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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

100%

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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