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

Mariane Rina

Cash P150k P20k

Supplies P20k

Furniture P30k

Building P500k

The building has been mortgage and the mortgage balance has an existing balance of P 150,000

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.

By the way the P150k it means P 150,000 I shortened it because there's no space