Mutt and Jeff formed a partnership on April 1 and contributed the following assets: The land was
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Mutt and Jeff formed a partnership on April 1 and contributed the following assets:
The land was subject to a $30,000 mortgage, which the partnership assumed. Under the partnership agreement, Mutt and Jeff share profit and loss in the ratio of one-third and two-thirds, respectively. Jeff’s capital account at April 1 should be
a. $300,000.
b. $330,000.
c. $340,000.
d. $360,000.
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Related Book For 
Advanced Financial Accounting
ISBN: 9781260165111
12th Edition
Authors: Theodore Christensen, David Cottrell, Cassy Budd
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