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Problem 4. Sarah contributed land, inventory and P300,000 cash to a partnership. The land has a book value of P700,000 and a market value of P1,300,000. The inventory has a carrying value of P600 po) and a market value of P500,000. The partnership also assumed a P400,000 notes payable owed by Sarah The other partner, Mateo agreed to put up cash investment equivalent to Sarah's net investment Required: Prepare journal entry to record Mateo's investment in the partnership. AccountTitle Debit Credit Record the journal entries based on the following real accounts of the Chart of Accounts of the Partnership's book. Present the journal entries in accordance with the sequence of the chart of accounts. Cash Accounts Receivable Inventory Land Building Equipment Accounts Payable Notes Payable Sarah Capital Mateo Capital Problem 4. Sarah contributed land, inventory and P300,00 cash to a partnership. The land has a book value of P700,000 and a market value of P1.300.00. The inventory has a carrying value of P600,000 and a market value of P500,000. The partnership also assumed a P400.000 notes payable owed by Sarah. The other partner, Mateo agreed to put up cash investment equivalent to Sarah's net investment. Required: Prepare journal entry to record Sarah's investment in the partnership AccountTitle Debit Credit Record the joumal entries based on the following real accounts of the Chart of Accounts of the Partnership's book. Present the Journal entries in accordance with the sequence of the chart of accounts Cash Accounts Receivable Inventory Land Building Equipment Accounts Payable Note Pavahi Record the journal entries based on the following real accounts of the Chart of Accounts of the Partnership's book. Present the journal entries in accordance with the sequence of the chart of accounts. Cash Accounts Receivable Inventory Land Building Equipment Accounts Payable Notes Payable Sarah Capital Mateo Capital

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