The O`Brien and Pope partnership balance sheet reports capital of \(\mathrm{S} 60,000\) for \(\mathrm{O}^{\circ}\) Brien and \(\mathrm{S} 90,000\) for Pope. \(\mathrm{O}^{\circ}\) Brien is withdrawing from the firm. The partners agree to write partnership assets up by \(\$ 30,000\). They have shared profits and losses in the ratio of \(1 / 3\) to O`Brien and \(2 / 3\) to Pope. The partnership agreement states that a withdrawing partner will receive assets equal to the book value of his owner's equity.

1. How much will O`Brien receive?

2. Pope will continue to operate the business as a proprietorship. What is Pope's beginning capital on the books of his new proprietorship?