Partnership Formation: 1. On December 1, 20x5, EE and FF formed a partnership, agreeing to share for profits and losses in the ratio of 2:3, respectively. EE invested a parcel of land that cost him P25,000. FF invested P30,000 cash. The land was sold for P50,000 on the same date, three hours after formation of the partnership. How much should be the capital balance of EE right after formation? a. 25,000 0. 00,000 0. 30,000 d. 50,000 (AICPA) 2. On March 1, 20x5, II and JJ formed a partnership with each contributing the following assets: .33 0 Cash , P300000 P T00,000 Machinery and equipment 250,000 160,000 Building 2,250,000 Furniture and xtures 100,000 The building is subject to mortgage loan of P800000, which is to be assumed by the partnership agreement provides that H and JJ share prots and losses 30% and F096, respectively. On March 1, 20x5 the balance in JJ's capital account should be: a. 3,?00.000 0. 3,050,000 b. 3,140,000 d. 2,000,000 {AICPA} 3. The same information in Number 2, except that the mortgage loan is not assumed by the partnership. On March 1, 20x5 the balance in JJ's capital account should be: a. P3.700.000 c. 3.050000 0. 3,140,000 d. 2,900,000 (Adapted)