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Which partner has the smallest april capital account balance

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Problem 1: On April 30, 20x1, A, B and C formed a partnership. A contributed cash of ?50,000. B contributed property with ?36,000 carrying amount, ?40,000 original cost and ?80,000 fair value. The partnership accepted responsibility for the ?35,000 mortgage attached to the property. C contributed equipment with ?30,000 carrying amount, ?75,000 original cost and ?55,000 fair value. The partnership agreement specifies that profits and losses are to be shared equally but is silent regarding capital contributions. Which partner has the smallest April 30, 20x1 capital account balance?

Reference no: EM132808964

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