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What amount of cash should Angela invest

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Question - Lady and Angela formed a new partnership where Lady contributed P900,000 in cash for a 40% interest in the initial capital as well as in the profits of the business. Angela contributed a real property (land and building) which she originally acquired at a total acquisition price of P850,000. The real property is assessed for tax purposes at a total of P600,000. The Land is independently appraised at a fair value of P450,000 and the building at a sound value of P650,000. The asset is subjected to a real mortgage amounting to P250,000. What amount of cash should Angela invest in addition to the real property?

Reference no: EM132626829

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