On March 1, 2021, Candace and Noreen formed a partnership with each contributing the following assets: NOREEN CANDACE Cash 140,000 60,000 Office Equipment 150,000 50,000 Building 450,000 Furniture and...

On March 1, 2021, Candace and Noreen formed a partnership with each contributing the following assets:

                              NOREEN                  CANDACE

Cash                     140,000                        60,000

 Office Equipment   150,000                      50,000

Building                  450,000

Furniture and Fixtures                               20,000


The building is subject to a mortgage loan of P180,000, which is to be assumed by the partnership. The partnership agreement provides that Candace and Noreen share profits and losses at 30% and 70%, respectively. Assuming that the partners agreed to bring their respective capital in proportion to their P&L ratios, and using Noreen capital as the base.

Compute the capital account balance of Noreen as of March 1, 2021

Compute the additional cash to be invested by Candace