ASAP with Explanation On May 1, 2018, Jose and Pedro formed a partnership and agreed to share profits and losses in the

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ASAP with Explanation On May 1, 2018, Jose and Pedro formed a partnership and agreed to share profits and losses in the

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ASAP with Explanation
On May 1, 2018, Jose and Pedro formed a partnership and agreed
to share profits and losses in the ratio of 3:7, respectively. Jose
contributed a computer that cost himP50,000. Pedro contributed
P200,000 cash. The computer was sold for P55,000 on May 1, 2018
immediately after the formation of the partnership. What amount
should be recorded in Jose’s capital account on formation of the
partnership?
a. P55,000
b. P51,500
c. P60,000
d. P50,000
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