X, Y and Z agreed to form a partnership with X contributing 50,000 for 2/3 interest in the partnership and Y and Z sharing equally in the remaining required capitalization. The total assets of the partnership upon formation is A. 100,000 B. 150,000 C. 75,000 D. 225,000

X, Y and Z agreed to form a partnership with X contributing 50,000 for 2/3 interest in the partnership and Y and Z sharing equally in the remaining required capitalization. The total assets of the partnership upon formation is A. 100,000 B. 150,000 C. 75,000 D. 225,000

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter21: Partnerships

Section: Chapter Questions

Problem 8BCRQ

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Question

X, Y and Z agreed to form a partnership with X contributing 50,000 for 2/3 interest in the
partnership and Y and Z sharing equally in the remaining required capitalization. The total assets of
the partnership upon formation is

A. 100,000
B. 150,000
C. 75,000
D. 225,000

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X and Y agreed form a partnership. X is to contribute cash of 135,000 and Y is to contribute his equipment with book value of 200,000. It was agreed that the contribution of Y shall be recorded at an amount equal to 55% claim in the partnership. The total assets of the partnership upon formationisA. 335,000B. 300,000C. 245,000D. 135,000
Using the information attached, how much is the initial total capital of the partnership? 592,000 750,000 1,342,000 2,322,000
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