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