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How much was each of partner''s initial contributed capital

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Reference no: EM133146709

Question - Allyssa, Haven, Crystal, and Mar formed a partnership that wish to provide makeup products and beauty services on January 1, 2022. Since Crystal had a Makeup Business, she invested her business to the new formed partnership. The following are provided on her books:

Cash: 13,000

Inventory: 30,500

Prepaid Rent: 24,000

Equipment (5 years): 40,000

Accumulated Depreciation - Equipment: 4,000

Furniture and fixtures (5 years life): 30,000

Accumulated Depreciation- FF: 9,000

Accounts Payable: 15,000

Additional Information

1. Haven is a beautician and she will work and manage the business with Crystal.

2. Allyssa contributed Cash of 80,000.

3. Mar contributed a vehicle he bought a year a go amounting to 100,000. it was valued at 90,000 if bought today and had an estimated life of 5 years.

4. Crystal paid the lessor of the commercial building June 30, 2021 and covers a year of monthly rent.

Required -

a. How much was each of partner's initial contributed capital?

b. Partners PNL ratio shall be 20:20:40:20, if the partners shall bring their capital contribution to their PNL ratio. How much shall be the adjusted capital balances of Allyssa, Haven, Crystal and Mar? Show your solution.

Reference no: EM133146709

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