On March 1, 2021, Candace and Noreen formed a partnership with each contributing the following assets: NOREEN CANDACE Cash 140,000 60,000 Office Equipment 150,000 50,000 Building 450,000 Furniture and Fixtures 20,000 The building is subject to a mortgage loan of P180,000, which is to be assumed by the partnership. The partnership agreement provides that Candace and Noreen share profits and losses at 30% and 70%, respectively. Assuming that the partners agreed to bring their respective capital in proportion to their P&L ratios, and using Noreen capital as the base. Compute the capital account balance of Noreen as of March 1, 2021 Compute the additional cash to be invested by Candace
On March 1, 2021, Candace and Noreen formed a
NOREEN CANDACE
Cash 140,000 60,000
Office Equipment 150,000 50,000
Building 450,000
Furniture and Fixtures 20,000
The building is subject to a mortgage loan of P180,000, which is to be assumed by the partnership. The partnership agreement provides that Candace and Noreen share
Compute the capital account balance of Noreen as of March 1, 2021
Compute the additional cash to be invested by Candace
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