James and John go into business together as partners. They each decide to make contributions to the business of the partnership. James has two vans worth $15 000 which he gives to the partnership. John owns an old farmhouse worth $60 000 that they decide can be used as a warehouse and John gives it to the partnership. Five years later there is a falling out and they decide to end the partnership. By this time the warehouse is worth $80 000 and the vans are worth $12 000. John will be entitled to $80 000 and James will be entitled to the depreciated value of the vans, namely $12 000.

True or False?