24. amount of capital to be credited to H

25. amount to be contributed by I

26. total partnership liabilities after its formation

27. total partnership assets after its formation

Question 24 The balance sheet of H on November 30, 20x4 before accepting I as his partner to form HL TV UEF Partnership is presented below: H Balance Sheet November 30, 20X4 Assets Cash P 120.000 Accounts receivable P 48.000 Less: Allowance for doubtful accounts 3.000 45.000 Notes receivable, 60.000 Merchandise inventory 27.000 Equipment P. 72.000 Less: Accumulated depreciation 6.000 66.000 Total assets P318.000 Liabilities and Capital Accounts payable P 12.000 Notes payable 60.000 H. capital 246,000 Total liabilities and capital 2.318.000 It is agreed that for purposes of establishing H's interest the following adjustments shall be made. a. The accounts receivable is estimated to be 90% realizable. b. Interest at 8% on notes receivable dated March 1. 20x4 is to be accrued. c. The merchandise inventory is to be valued at P21.000. d. The equipment is under-depreciated by P4.800. e. Prepaid expenses of P2.400 and accrued expenses of P7.200 are to be recognized is to invest cash to obtain a one-third interest in the partnership Determine the amount of capital to be credited to H