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- The following is the condensed
balance sheet of thepartnership Jo, Li and Bi who shareprofits and losses in the ratio of 4:3:3.
Cash P 180,000 Accounts, payable P 420,000
Other assets 1,660,000 Bi, Loan 60,000
Jo, receivable 40,000 Jo, Capital 620,000
Li, Capital 400,000
__ Bi, Capital 380,000
Total P 1,880,000 Total P1,880,000
Assume that the assets and liabilities are fairly valued on the balance Sheet and the partnership decides to admit Mac as a new partner, with a 20% interest. No
a. P 350,000
b. P 280,000
c .P 355,000
d. P 284,000
please help me understand my activity and I hope you include the computations so that I can understand

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