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Relevant Case Facts Business partnership between Mr and Mrs Henry Antoine and Mrs Sandra Landers formed

ed As of November 1, 2009: o A total of $48,000 capital was infused to start the business with equal contribution from each o One year lease contract to Lone Pine Caf o Monthly rental cost of $1,500 o Bought out caf from previous owner through Bank Loan of $21,000 Utilization of $35,000 from partnership funds o $53,200 worth of equipment financed through loan and partnership funds o $2,800 worth of F&B inventory also financed the same way o $1,428 paid for local licenses good for 1 year beginning November 1, 2009 o $1,400 spent on new cash register o $8,672 deposited on current account Mr. Antoine took charge of the kitchen while the 2 ladies waited for the customers Mrs. Antoine ordered F&B, supplies, operated cash register, and maintained the checking account The restaurant operated throughout the winter season of 2009 to 2010 though not very successful Mr. Antoine and Mrs. Landers disappeared on the morning of March 31, 2010 The new cash register and its content are missing. No other partnership assets were missing Mrs. Antoine concluded that the partnership was dissolved which the court later on affirmed. Donald Simpson, an accountant was tapped to help out Mrs. Antoine come up with a balance sheet As March 30, 2010: o Cash register contained $311 o Checking account balance is at $1,030 o Meals charged and paid by Ski instructors amounting to $870 o Due amount to suppliers totaling to $1,583 o Asset depreciation value of $2,445 o F&B inventory amounting to 2,430 o Loan repayment of $2,100 Equity of 3 partners will be determined by deducting total amount owed to outside parties from total amount of ownership.

Each partner to be entitled to one-third of total owners equity