Sole Proprietors X and Y Decide to Form a Partnership

question 50

Multiple Choice

Sole proprietors X and Y decide to form a partnership. X contributes inventory with a fair value of $30 000, equipment with a fair value of $100 000 and it is agreed that the partnership will take over X's bank loan of $20 000. What is X's capital balance assuming that the partners have agreed that his capital balance will be equal to the fair value of the net assets he contributes?

• A) $110 000
• B) $130 000
• C) $150 000
• D) $20 000

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