Albert and Brenda have just formed a partnership. Albert contributed cash of P782,000 and office equipment that cost P390,000. The equipment had been used in his sole proprietorship and had been 80% depreciated. The current fair value of the equipment is P252,000. An unpaid mortgage loan on the equipment of P84,000 will be assumed by the partnership. Albert is to have a 60% interest in the partnership net assets. Brenda is to contribute, only, merchandise with a fair value of P630,000. Both partners agreed on a profit and loss ratio of 55% to Albert and the balance to Brenda. To finalize the partnership agreement, Albert should make additional investment (withdrawal) of cash in the amount of:
Albert and Brenda have just formed a partnership. Albert contributed cash of P782,000 and office equipment that cost P390,000. The equipment had been used in his sole proprietorship and had been 80%
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