Solution-Which partner has the smallest april capital

Which partner has the smallest april capital account balance

Reference no: EM132808964

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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Which partner has the smallest april capital account balance

Reference no: EM132808964

Reference no: EM132808964

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