Tupper and Tolin have decided to form a partnership to provide environmental testing services to industry. the individuals will share profits equally and have conveyed the followiing assets below.

1)calculate the capital balance of each partner in the partnership subsequent to the contributions.

2) prepare the journal entry necessary to record the partners contributions

Tolin F.V B.V 20,000 10,000 B.V 20,000 12,000 cash 34,000 40,000 6,000 22,000 Vehicles basis Notes Payable 8,000 6,000 20,000 Associated with equipment