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What is the amount of cash to be reported

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Question - On June 1, 2016, May and April formed a partnership. May is to invest her assets at fair values, transfer her liabilities and is to contribute sufficient cash to bring her total capital to P210,000 which is 70% of the total capital of the partnership. Details regarding the book values of May's business assets and liabilities and their corresponding fair values are:

 

Book Values

Fair Value

Accounts Receivable (net)

53,800

53,000

Inventory

98,400

107,000

Equipment

25,800

34,000

Notes Payable

56,000

56,000

April agrees to invest cash of P42,000 and merchandise at its current price.

Required - What is the amount of cash to be reported in the book of the partnership?

A. 72,000 B. 30,000 C. 141,000 D. 114,000

Reference no: EM133047861

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