Partnership Formation

PROBLEM 4 Hilda and Tigreal are combining their separate business to form a partnership. Cash and non-cash assets are to be contributed for a total capital of P600,000. The non-cash assets to be contributed and the liabilities to be assumed are as follows: Hilda Tigreal BV FV BV FV Accounts receivable 40,000 40,000 Merchandise inventory 60,000 100,000 40,000 50,000 Equipment 120,000 90,000 80,000 100,000 Accounts payable 30,000 30,000 20,000 20,000 Partners' capital accounts are to be equal after all the contribution of assets and the assumption of liabilities. Required: a. How much is the cash to be contributed by Hilda? b. How much is the total assets of the partnership