12. On Mar. 1, 2019, Kalaw and Borromeo formed a partnership with each contributing the...
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12. On Mar. 1, 2019, Kalaw and Borromeo formed a partnership with each contributing the following assets: Kalaw Borromeo P30,000 25,000 Cash Machinery and Equipment Building Furniture and Fixtures P 70,000 75,000 225,000 10,000 The building is subject to mortgage loan of P80,000, which is to be assumed by the partnership. Agreement provides that Kalaw and Borromeo share profits and losses 30% and 70%, respectively. On Mar. 1, 2019 the balance in Borromeo's capital account should be C. d. P305,000 P290,000. a. b. P370,000 P314,000 umber exrent that the mortgage
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