PROBLEM 1 - 3 C, P and A are new CPA's and are to form an accounting partnership. C is to contribute cash of P75,000 and his computer originally bought at P80,000 but has a second-hand value of P50,000. P is to contribute cash of P100,000, and tables and chairs worth P20,000 but acquired by P for only P18,000. A, whose family is selling computers, is to contribute cash of P40,000 and a brand-new computer plus printer with regular price at P80,000 but which cost their family's computer dealership P70,000. Partners agree to share profits 3:2:3. How much is the total capital of the partnership upon formation? PROBLEM 1-4 A, B, and C are forming a new partnership each contributing cash of P200,000 and their respective office equipment and supplies valued at P100,000, P200,000, and P300,000, respectively. A's noncash contribution is his own developed audit software valued at cost which he could sell for trice the amount. Partners agree to admit his software at market value and they will share profits equally. How much is the capital credit to each partner upon formation