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What amounts should be reported as capital for Robert

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Question - Robert and Smith drafted a partnership agreement that lists the following assets contributed at the partnership's formation: Robert contributed Cash P20,000, and P15,000 Furniture and Fixture. Smith contributed cash of P30,000, inventory worth 15,000 and building P40,000. The building is subject to a mortgage of P10,000, which the partnership has assumed. The partnership agreement also specifies that profits and losses are to be distributed evenly. What amounts should be reported as capital for Robert and Smith, respectively, at the formation of the partnership?

Reference no: EM132662723

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