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29 August, 17:04

Maxwell and Smart are forming a partnership. Maxwell is investing a building that has a market value of $100,000. However, the building carries a $36,000 mortgage that will be assumed by the partnership. Smart is investing $61,000 cash. The balance of Maxwell's Capital account will be:

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  1. 29 August, 20:15
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    =$64,000

    Explanation:

    Max and Smart are forming partnership

    Market Value of building = 100,000

    The building carried mortgage by the partnership = 36,000

    Smart is investing = 61,000

    Balance of Maxwell capital Account will be Building value - Mortgage on building

    =$100,000 - $36,000

    =$64,000

    Balance of Maxwell capital Account is equals to = $64,000

    Capital account is the account that show the net worth of an enterprise or business in accounting.
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Home » Business » Maxwell and Smart are forming a partnership. Maxwell is investing a building that has a market value of $100,000. However, the building carries a $36,000 mortgage that will be assumed by the partnership. Smart is investing $61,000 cash.
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