On September 1, 20X2, Tanya, Cecille, and Marie formed a partnership by combining their separate business proprietorships. Tanya contributed cash of P50,000. Cecille contributed property with P48,000 carrying amount, P56,000 original cost, and P45,000 fair value. The said property has an attached mortgage of P10,000, which will be assumed by the partnership. Marie Contributed a piece of equipment with P50,000 carrying amount, P85,000 original cost, and P45,000 fair value. It was stated in the Articles of Partnership that profits and losses are to be shared equally but is silent regarding capital contributions. Who among the partners has the smallest capital contribution? Justify the answer in no more than five (5) sentences.
1. On September 1, 20X2, Tanya, Cecille, and Marie formed a partnership by combining their separate business proprietorships. Tanya contributed cash of P50,000. Cecille contributed property with P48,000 carrying amount, P56,000 original cost, and P45,000 fair value. The said property has an attached mortgage of P10,000, which will be assumed by the partnership. Marie Contributed a piece of equipment with P50,000 carrying amount, P85,000 original cost, and P45,000 fair value. It was stated in the Articles of Partnership that profits and losses are to be shared equally but is silent regarding capital contributions. Who among the partners has the smallest capital contribution? Justify the answer in no more than five (5) sentences.
2. On July 1, 20X2, Cua, Wicas, and Suico organized a partnership. Wicas contributed cash amounting to P600,000 and Suico contributed cash of P300,000 and machinery with a carrying amount of P250,000, the historical cost of P600,000, and market value of P475,000. Cua, on the other hand, was admitted to the partnership for the services that she will provide. It was stipulated in the Articles of the Partnership that Cua, Wicas, and Suico will share the
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