EXERCISE 6, Joumal Entries - Capital share different from capital contritution. Co June 1. 2022. N and Ace formed a partnership. N contributed cash of P600.000, inventories of P100.000, and furniture and fratures of P120.000. On the other tuand, Ace contributid cash of 9520.000, bulleling of 9330,000 , and land of 9200,000 . The building was mortgaged for a loan amounting to P500.000 of which 701 had already been paid. The remaining balance would be assumed by the partnership. The partners agreed to ahare profts and losses equaliy, Prepare and upload fournal entries related to partnership formation, assuming: 1. Each partner would be credited for the full amount of net assets invested 2. Each partner initially should have equal interest in partnership capital. To ensure this, it was agreed that partner with a lower capital batance tad to invest adeitional cash