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A, B, and C formed a partnership. Their contributions are as follows: ABCCash Equipment 40,000 10,000 80,000 100,000 Totals40,00090,000100,000 Additional Information: Although C has contributed

A, B, and C formed a partnership. Their contributions are as follows:

ABCCash

Equipment

40,000

10,000

80,000

100,000

Totals40,00090,000100,000

Additional Information:

  • Although C has contributed the most cash to the partnership, he did not have the full amount of P100,000 available and was forced to borrow P40,000
  • The equipment contributed by B has an unpaid mortgage of P20,000, the repaymentof which is assumed by the partnership.
  • The partners agreed toequalizetheir interest.Cash settlements among thepartners are to be made outside the partnership.

  1. Which partner(s) shall receive cash payment from theother partner(s)?
  2. The credit to each partner's capital account after cash payment from the other partner(s)?

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