BSA Basic accounting multiple choices. Show computation Thankyou!

Basic Accounting - Prefinal Examination 4. Reyes and Santos drafted a partnership agreement that lists the following assets contributed at the partnership formation: Contributed by Reyes Santos Cash P200,000 P300,000 Inventory 150,000 Building 400 000 Equipment 150,000 The building is subject to a mortgage of P100,000, which the partnership will assume. The partnership agreement also specifics the profits and losses are to be distributed evenly. What amounts should be recorded as capital for Reyes and Santos at the formation of the partnership? Santos a. P350.000 P850,000 b. P350.000 P750,000 C P550.000 P550,000 d. P600.000 P600,000 5. Mateo and Julio formed a partnership on April 1 and contributed the following assets Mateo Julio Cash P300 000 P100,000 Land 300.000 The land was subject to a mortgage of P50,0:00, which was assumed by the partnership. Under the partnership contract, Mateo and Julio will share profit and loss in the ratio of one third and two- thirds respectively. Julio's capital account on April 1 should be: a. P350,000 b. P300,000 C. P400,000 d. P450,000