What amount should be recorded in robert capital account

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Question 1: On June 1, 2020, Robert and Berta formed a partnership and agreed to share profits and losses in the ratio of 3:7, respectively. Robert contributed a parcel of land that cost him ?10,000. Berta contributed ?40,000 cash. The land was sold for ?15,000 on June 1, 2020, immediately after formation of the partnership. What amount should be recorded in Robert's capital account on formation of the partnership?

a. 18,000

b. 17,400

c. 15,000

d. 10,000

Reference no: EM132891273

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