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What is the total asset of the partnership after formation

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Question - On January 1, 2021, Angelika and Enrique formed a partnership. Angelika and Enrique contributed the following assets at formation:

 

Angelika

Enrique

Cash

25,000

37,500

Inventory

18,750

Building

50,000

Equipment

18,750

The building is subject to a 12,500 mortgage, which was assumed by the partnership. They share profit and loss in the ratio of 60:40.

Required -

1. What amount should be recorded as capital of Angelika and Enrique at the formation of the partnership, respectively?

a. P90,000; P60,000

b. P43,750; P106,250

c. P82,500; P55,000

d. P43,750; P93,750

2. Assuming Angelika will invest (withdraw) cash so that her capital balance will equal to her profit and loss ratio, what is the total asset of the partnership after formation?

a. P234,375

b. P137,500

c. P246,875

d. P150,000

Reference no: EM133187260

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