2. How much cash must be contributed by each of the partners after they contributed their properties

Gerald and Julia are joining their separate businesses to form a partnership and they agreed to share profits in the manner of 55% for Gerald and 45% for Julia. Property is to be contributed for a total capital of P800,000 The partners agreed to make their capital accounts equal after formation. Gerald Book Value Fair Value Accounts Receivable Inventories 60,000 60,000 100,000 30,000 60,000 90,000 80,000 30,000 Equipment Accounts Payable Julia Book Value Fair Value Accounts Receivable Inventories Equipment Accounts Payable 160,000 180,000 20,000 180,000 190,000 20,000