Accounting for partner contributions, allocating profits and losses to Learning c E. the partners, preparing partnership financial statements Lorena Lally and Allie Ranas formed a partnership on March 15, 2014. The partners 2. Lally, Capital S56,000 agreed to contribute cqual amounts off capital. Lallycontributed her solc proprietor- ship’s assets and liabilities (credit balances in parentheses) as follows:
