14. Allan and Melvin are combining their separate businesses to form a partnership. Cash and non- cash assets are to be contributed by them. The non-cash assets to be contributed and the liabilities to be assumed are: Allan Book value Fair value 25,000 25,000 Accounts receivable 30,000 42,000 Inventories 60,000 47,000 Equipment 14,000 14,000 Accounts payable Melvin Book value Fair value 20,000 27,000 Inventories 40,000 52,000 Equipment 9,000 10,000 Accounts payable For a total capital of P320,000, if the partner's capital accounts should be in the ratio of 60:40 after all the contribution of assets and the assumption of liabilities, how much cash is to be contributed by Allan and Melvin, respectively?* m (2 points) P59,000 and P74,000 P119.000 and 59.000 P74,000 and P84.000 P92,000 and P59,000 Ship 12. Several transactions of the Consultancy and Law Services owned during the month of January 2021 were presented below. January 1 Transferred P300.000 from his personal savings account to a checking account opened in the name of his Consultancy and Law Services. 1 Purchased the law books for office library for P30,000 from National Book Store paying cash of P15,000, and signed a 60-day promissory note at an interest rate of 6% on the balance 1 Purchased office supplies from National Book Store for COD, P1.500 1 Purchase office equipment from Nick Furniture. P25,000, paying cash of P5,000 and the balance on terms:30 days 10 Completed legal and consultancy services for Abraham Com on credit, P65,500 14 Received cash of P35,000 from Philippine Lawyers Association for the legal services completed. 20 Received cash of P10,000 to apply on account from Abraham Company 21 Cash of P15,000 was received from Burnham Company for work completed. 24 Paid for the salaries and wages of office staff, P19,500. 28 A. Santos took P5,000 cash for personal expenses. 31 Billed A. Reves for legal services rendered, P10,000 Additional Information The office equipment has a salvage value Of 4,000 and the estimated useful life is 5 years. Office supplies on hand at the end of January, P500 Accrued interest on the notes payable (assume 360 days) How much is the book value of the office equipment at December 31, 2025?* LS (2 points) a. b. c. 4,000 16,600 4,200 8,200 1 11. Several transactions of the Consultancy and Law Services owned during the month of January 2021 were presented below. January 1 Transferred P300,000 from his personal savings account to a checking account opened in the name of his Consultancy and Law Services. 1 Purchased the law books for office library for P30,000 from National Book Store paying cash of P15,000, and signed a 60-day promissory note at an interest rate of 6% on the balance 1 Purchased office supplies from National Book Store for COD, P1,500 Purchase office equipment from Nick Furniture, P25,000, paying cash of P5,000 and the balance on terms:30 days 10 Completed legal and consultancy services for Abraham Com on credit, P65,500 14 Received cash of P35,000 from Philippine Lawyers Association for the legal services completed. 20 Received cash of P10,000 to apply on account from Abraham Company 21 Cash of P15,000 was received from Burnham Company for work completed. 24 Paid for the salaries and wages of office staff, P19,500. 28 A. Santos took P5,000 cash for personal expenses. 31 Billed A. Reves for legal services rendered, P10,000 Additional Information The office equipment has a salvage value of 4,000 and the estimated useful life is 5 years. b. Office supplies on hand at the end of January, P500 Accrued interest on the notes payable (assume 360 days) How much is the total credits of the post-closing trial balance on January 31, 2021?* 9. (2 points) a. C. 435075 438650 435.000 435,500