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What is the capital balance of Tim

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Question - Roy, Sam and Tim decided to engage in a real estate venture as a partnership. Roy invested P140,000 cash and Sam provided an office and furnishings valued at P220,000. (There is a P60,000 note payable remaining on the furnishings to be assumed by the partnership). Although Tim has no tangible assets to invest, both Roy and Sam believe that Tim's expert salesmanship provides adequate investment. The partners agree to receive an equal capital interest in the partnership. Using the bonus method, what is the capital balance of Tim?

a. P140,000

b. Zero

c. P100,000

d. P50,000

Reference no: EM132662693

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