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Fontaine and Monroe are forming a partnership. Fontaine invests a building that has a market value of $366,000, and the partnership assumes responsibility for a $133,000 note secured by a mortgage on the property. Monroe invests $108,000 in cash and equipment that has a market value of $83,000.

For the partnership, the amounts recorded for the building and for Fontaine's Capital account are:

a. Building $366,000; Fontaine, Capital $324,000
b. Building $233,000; Fontaine, Capital $233,000
c. Building $366,000; Fontaine, Capital $366,000
d. Building $366,000; Fontaine, Capital $233,000
e. Building $233,000; Fontaine, Capital $133,000

Answer :

The correct amounts recorded for the building and Fontaine's Capital account are Building $366,000; Fontaine, Capital $233,000.

The amounts recorded for the building and for Fontaine's Capital account are:

Building $366,000; Fontaine, Capital $233,000.

This is because Fontaine's Capital is calculated as Fontaine's investment in the partnership, which is the building's market value ($366,000) minus the portion of the mortgage that Fontaine is responsible for ($133,000).

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For the partnership, the amounts recorded for the building and for Fontaine's Capital account are d. Building $366,000; Fontaine, Capital $233,000

A partnership is an arrangement where parties, called business partners, comply with cooperate to improve their mutual pursuits. The partners in a partnership can be individuals, agencies, hobby-based businesses, faculties, governments, or combinations.

A partnership is a relationship among extra people to do change or commercial enterprise. everyone contributes money, property, hard work or talent, and shares inside the earnings and losses of the enterprise. booklet 541, Partnerships, has records on the way to: shape a partnership. Make partnership distributions.

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