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1. Dahlia and Dhelia executed a partnership contract and contributed the following assets: Dhelia P 300,000 Cash Inventory Building Furniture and Fixtures Equipments Dahlia P 200,000 150,000 500,000 100,000 350,000 The building is subject to a mortgage of P100,000 which the partnership has assumed. The partnership agreement also specified that profits and losses are to be distributed equally. What amounts should be recorded as capital for Dahlia and Dhelia at the formation of the partnership? Dahlia Delia a. P 850,000 P 850,000 b. P 850,000 P 750,000 C. P 750,000 P750,000 d. P 800,000 P 800,000 e. None of the above 2. Three years ago, a parcel of land with market value of P3,000,000 was inherited by Mr. Larry Tan. Currently, the land is independently appraised at P3,300,000. Mr. Harry Sy invited Mr. Larry Tan to form the Merchants Partnership. Mr. Larry Tan agreed to invest his inherited land but insisted of having a capital credit of P3,500,000. Mr. Harry Sy made a counter offer of P3,400,000. The land should be recorded in the books of the partnership at a. P 3,000,000 b. P3,300,000 c. P 3,400,000 d. P3,500,000 e. None of the above