What is the capital balance of RAY

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Question - KG, PAUL, and RAY decided to engage in a real estate venture as a partnership. KG invested P 140,000 cash and PAUL provided an office and furnishings valued at P 220,000. (There is a P 60,000 note payable remaining on the furnishings to be assumed by the partnership). Although RAY has no tangible assets to invest, both KG and PAUL believe that RAY's expert salesmanship provides an adequate investment. The partners agree to receive an equal capital interest in the partnership. Using the bonus method, what is the capital balance of RAY?

Reference no: EM132918110

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