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Marianne and Rina formed a partnership on March 1,2020 with the following investments: Marianne Rina Cash P150,000 P20,000 Supplies 20,000 Building P500,000 Instruction: Record the

Marianne and Rina formed a partnership on March 1,2020 with the following investments:

Marianne Rina

Cash P150,000 P20,000

Supplies 20,000

Building P500,000

Instruction: Record the contribution of Marianne and Rina under the following assumptions:

1. The mortgage balance was not assumed by the partnership,

2. The mortgage balance was assumed by the partnership.

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