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On April 1, 2014, Amy, Susie and Tessie formed a partnership by combining their separate business proprietorships. Amy contributed cash of P 200,000. Susie contributed property with a carrying amount of P144,000, original cost of P160,000. and a fair value of P320,000. The partnership accepted responsibility for the P140,000 mortgage attached to the property. Tessie contributed equipment with a carrying amount of P120,000, original cost of P300,000 and fair market value of P220,000. The partnership agreement specifies that profits and losses are to be shared equally.
Problem 1: How much is the investment of Susie?
Problem 2: how much is the total capital of the new partnership?
Problem 3: assuming capital are based on their profit and loss agreement, how much is the implied bonus?
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