Punongbayan and Araullo formed a partnership. The following were contributed by the partners and liabilties: Punongbayan Cash -P500,000 Accounts Receivable P50,000 Equipment -P150,000 • Accounts Payable -P30,000 Araullo Building - P2,000,000 Mortgage Payable - P75,000 Compute the total capital of the partnership.

Punongbayan and Araullo formed a partnership. The following were contributed by the partners and liabilties: Punongbayan Cash -P500,000 Accounts Receivable P50,000 Equipment -P150,000 • Accounts Payable -P30,000 Araullo Building - P2,000,000 Mortgage Payable - P75,000 Compute the total capital of the partnership.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter15: Partnership Accounting

Section: Chapter Questions

Problem 6MC: Juan contributes marketable securities to a partnership. The book value of the securities is $7,000...

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