As stated in the definition, a Partnership is a contract of 2 or more persons..and the contract is known as the Articles of Co Partnership. The information that must be shown in the contract are listed on page 37. The initial investments or contributions of the partners may be in the form of cash, non cash or property or industry referring to the special skills or talents of a partner related to the operation of the business, Journal entries to record the investments/contributions for the formation of the partnership arepresented on pages 42 to 52, Cash investments are recorded at face value,.meaning the peso value contributed by the partner..if the partner invested P 100,000, it will be recorded as P 100,000, When we say it will be recorded, it means the journal entry that must be prepared, For non cash or property invested, it must be recorded at agreed value, the value as agreed upon by the partners. However, in the absence of an agreement, the said property will be recorded at fair value at the DATE it was invested by the partner,A partner who contributed his special skills or his industry will be recorded as @ memorandum entry, Examples on the journal entries about the different contributions/ investments of the partners are presented and discussed on pages 42 and 43 ( Illustration A), The partners will each have a separate Capital and Drawing accounts, The debits (decreases) and credits (increases) to the capital account and Drawing account are illustrated using the T account as presented on page 41,