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What the capital balances of each partner upon formation are

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Problem 1: TIM, TONY, and MANU are new CPA's and are to form a partnership. TIM is to contribute cash of P 50,000 and his computer originally costing P 60,000 but has a second-hand value of P 25,000. TONY is to contribute cash of P 80,000. MANU, whose family is selling computers, is to contribute cash of P 25,000 and a brand-new computer with a regular selling price of P 60,000 but which cost is P 50,000. Partners agree to share profits equally. The capital balances of each partner upon formation are?

Reference no: EM132621481

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