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What amount should tonis capital account be recorded

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Q1. The partnership received equipment, merchandise, and 42,000 in cash from TONI. The equipment had a book value of 25,000 and market value of 28,000. The inventory has a book value of 50,000, but only had a market value of 15,000. Due to obsolescence, the partnership also assumed a 12,000 note payable owed by TONI that was originally used to purchase the equipment. What amount should TONIs capital account be recorded?

a. 73,000

b. 85,000

c. 105,000

d. 117,000

Q2. Partner Capital A = 40,000; Partner B Capital = 25,000; Partner C capital = 15,000; Other potential asset allocation is 70,000, with a ratio of 4: 4: 2. If payment to partner as much as 10,000, which statement is correct?

a. Partner A gets a total of cash10,000

b. Partner A and Partner B receive a share of the money of 6,600 and 3,400, respectively

c. Partner B has a capital deficit of 2,500

d. Partner A carries capital deficit of Partner C of 3,000

Reference no: EM133131423

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