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Compute the balance in Girl capital account

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Problem - On March 1, 2020, Boy and Girl formed a partnership with each contributing the following assets:

 

Boy

Girl

Cash

P150,000

P350,000

Machinery and equipment

125,000

375,000

Building

 

1,125,000

Furniture and fixtures

50,000

 

The building is subject to mortgage loan of P400,000, which is to be assumed by the partnership as per agreement. Moreover, it was stipulated that Boy and Girl share profits and losses 30% and 70%, respectively. On March 1, 2020 compute the balance in Girl's capital account?

Reference no: EM132626882

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