On may 1 2016 gonzaga and balace formed a partnership and, Accounting Basics

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On may 1 2016 gonzaga and balace formed a partnership and

Questions - On May 1, 2016, Gonzaga and Balace formed a partnership and agreed to share profits and losses in the ratio of 3:7, respectively. Gonzaga contributed a parcel of land that cost P10,000. Balace contributed P40,000 cash. The land was sold for P18,000 on May 1, 2016, immediately after formation of the partnership. What amount should be recorded in Gonzaga's capital account on formation of the partnership?

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