Please answer in good accounting form. Thank you. On May 1, 2020, the business accounts of ABC and DEF appears below:ABCAssetsCashP 11,000P22,354234,536567,890Accounts receivableMerchandise inventoryLand120,035260,102603,000Building428,26734,789Furniture and fixturesOther assetsTotal Assets50,3452,000P1,020,9163,600P1,317,002P178,940P243,650200,000345,000Notes payableAccounts payableABC, CapitalDEF, CapitalTotal Liabilities and728,352P1,0P1,317,002contributing their respective assets and equities subject toABC and DEF agreed to form a partnershipthe following adjustments:Reminder from the Student Handbook: Code of Ethics- 24.Accounts receivables of P20,000 in ABC's book and P35,000 in DEF's books are uncollectible.➤ Inventories of P5,500 and P6,700 are worthless in ABC and DEF's respective books.Other assets of P2,000 and P3,600 in ABC and DEF's respective books are to be written off.to dismissal/ non-readmission with invalidation of gradeAssuming GHI offered to join for a 20% interest in the firm by contributing enough cash to have hisinterest. Assume further that after GHI's admission, the profit and loss sharing ratio was agreed to be40:40:20 based on capital credits. During the first year of operations the partnership earned a profit ofP325,000 and that this was distributed in the agreed manner. Assuming further that drawings weremade in these amounts: ABC, P50,000; DEF, P65,000; and GHI P28,000. Assuming that DEF decidedto withdraw after the first year of operation and the partners agreed that DEF will receive P730,000,compute for the capital balance of GHI after the withdrawal of DEF.SINOVS SAPIE moral comUNIDEF

Partnership: It is the agreement between two individuals to share business profitsÂ

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Business

Accounting

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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