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Find the Graces capital account at March

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Question - Chris and Grace formed a partnership on March 1 of the current year by contributing certain assets to the common fund. Chris contributed an equipment costing P100,000 with a market value of P75,000 and enough cash to have a 60% interest on the partnership. Grace contributed a van with an original cost of P250,000, was assessed for tax purposes at P100,000 and had a second hand value of P150,000. The van was a subject to a chattel mortgage of P25,000 that was assumed by the partnership. Find the Graces' capital account at March 1, 2020?

Reference no: EM132626805

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