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On June 1- 2013- May and Nora formed a partnership- May is to invest a.pdf

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On June 1, 2013, May and Nora formed a partnership. May is to invest assets at fair values. She is to transfer her liabilities and is to contribute sufficient cash to bring her total capital to P 210 , 000 which is 70% of the total capital of the partnership. Details regarding the book values of May's business assets and liabilities and their corresponding fair values are: - Nora agrees to invest cash of P 42 , 000 and merchandise valued at current market price. 1. What is the value of the merchandise to be invested by Nora? 2. What is the amount of cash to be invested by May?.

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On June 1, 2013, May and Nora formed a partnership. May is to invest assets at fair values. She is to transfer her liabilities and is to contribute sufficient cash to bring her total capital to P 210 , 000 which is 70% of the total capital of the partnership. Details regarding the book values of May's business assets and liabilities and their corresponding fair values are: - Nora agrees to invest cash of P 42 , 000 and merchandise valued at current market price. 1. What is the value of the merchandise to be invested by Nora? 2. What is the amount of cash to be invested by May?

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