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Problem - On March 1, 2020, Boy and Girl formed a partnership with each contributing the following assets:
Boy
Girl
Cash
P150,000
P350,000
Machinery and equipment
125,000
375,000
Building
1,125,000
Furniture and fixtures
50,000
The building is subject to mortgage loan of P400,000, which is to be assumed by the partnership as per agreement. Moreover, it was stipulated that Boy and Girl share profits and losses 30% and 70%, respectively. On March 1, 2020 compute the balance in Girl's capital account?
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