In the MJ Partnership, May’s capital is P140,000 and Jun’s capital is P40,000. They share income in a 3:1 ratio,respectively. They decided to admit Julie to the partnership. May and Jun agreed that some of the inventoryamounting to P20,000 is obsolete. The inventory account is decreased before Julie was admitted… Show more… Show more Accounting Business Financial Accounting RVRCOB 709 Share QuestionEmailCopy link Comments (0)