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How much is the capital interest of gregorio

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Problem 1: Gregorio and Andres entered into a partnership agreement in which Gregorio is to have a 60% interest in capital and profits and Andres is to have a 40% interest in capital and profits. Gregorio will contribute cash and the following non-cash assets: Land -Cost-P25,000 FMV-P40,000; Building-Cost-P200,000 FMV-P120,000; Equipment-Cost-P40,000 FMV-P30,000. There is a P60,000 mortgage on the Building that the partnership agrees to assume. Andres contributes P 100,000 cash to the partnership. How much is the capital interest of Gregorio in the new partnership?

Problem 2: how much is the total capital the new partnership?

Problem 3: how much is the additional cash investment of Gregorio to have a 60% share in the new partnership?

Reference no: EM132765204

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