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1. Mason & Nelson Partnership were formed on February 28. On that date, the following assets were invested (at current fair values): Mason Nelson Cash
1. Mason & Nelson Partnership were formed on February 28. On that date, the following assets were invested (at current fair values): Mason Nelson Cash P25,000 P 35,000 Inventories 55.000 Building 100,000 Equipment 15.000 The building was subject to a mortgage note payable of P30,000 that was to be assumed by the partnership. The partnership contract provided that Mason and Nelson were to share net income or losses 25% and 75% respectively. Nelson's capital account balance on February 28 is: Php 150,000 Php 190,000 Php 160,000 Php 172,000
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