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Question: Roberts and Smith drafted a partnership agreement that lists the following
FV assets contributed at the partnership's formation:
Contributed by
Roberts Smith
Cash$80,000 $110,000
Inventory 50,000 55,000
Building 130,000 80,000
Furniture & Equipment 15,000 0
The building Smith contributed is subject to a mortgage of $35,000, which the partnership has assumed. The partnership agreement also specifies that profits and losses are to be distributed evenly.
a. What amounts should be recorded as capital for Roberts and Smith at the formation of the partnership without a true up for the 50/50 profit and loss allocation?
b. If the partners agreed on a 50%/50% capital ratio, what is the "true up" payment required by Smith?
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