Reference no: EM132807280

Question 1: Red , White and Blue form a partnership on May 1, 2008. They agree that Red will contribution office equipment with a total fair value of P40,000; White will contribute delivery equipment with a with a fair value of P80,000; and Blue will contribute cash. If Blue wants a one third interest in the capital and profits, he should contribute cash of.

Question 2: The partnership of Perez and Reyes was formed on March 31, 2008. On this date, Perez invested P50,000 cash and office equipment valued at P30,000. Reyes invested P70,000 cash merchandise valued at P110,000, and furnitures valued at P100,000, subject to notes payable of P50,000 (which the partnership assumes). The partnership provides that Perez and Reyes share profits and losses 25:75, respectively. The agreement further provides that the partners should initially have, an equal interest in the partnership capital. Under the goodwill and the bonus method, what is the total capital of the partners after the formation?