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Which partner has the largest capital account balance

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On April 30, 2003, Bautista, Jimenez and Laxamana formed a partnership by combining their separate business proprietorships. Bautista contributed cash of P100,000. Jimenez contributed property with a carrying amount of P72,000, original cost of P80,000, and fair value of P160,000. The partnership accepted responsibility for the P70,000 mortgage attached to the property. Laxamana contributed equipment with a carrying amount of P60,000, original cost of P150,000, and fair value of 110,000. The partnership agreement specifies that profits and losses are to be shared equally but is silent regarding capital contributions.

Question 1: Which partner has the largest capital account balance as of April 30, 2003?

Reference no: EM132538727

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