35 1. What is the capital of Jack and Jill after the above adjustments? Jack Jill Jack Jill A. 650,000; 760,000 C. 687,500; 772,500 B. 650,000; 810,000 D. 750,000; 810,000 2. What is the total assets of the partnership after the formation? A. 1,460,000 C. 1,895,000 B. 1,855,000 D. 2,000,000 On October 1, 2020, Jack and Jil pooled their assets to form a partnership with the firm to take over the business assets and assume the habilities. The partners capital are to be based on the net assets transferred after the following adjustments. Jil's invenory is to be increased by P40,000; an allowance for doubtful account of P10,000 and P15,000 are to be set up in the books of Jack and Jil respectively; and asccrued expenses of P40,000 is to be recognized in Jack's Books. The partners agree to allocate profts and losses equaly. The individual trial balances on October 1, before adjustment follow: Jack Jill Assets 750,000.00 1,120,000.00 Liabilities 50,000.00 345,000.00 35 1. What is the capital of Jack and Jill after the above adjustments? Jack Jill Jack Jill A. 650,000; 760,000 C. 687,500; 772,500 B. 650,000; 810,000 D. 750,000; 810,000 2. What is the total assets of the partnership after the formation? A. 1,460,000 C. 1,895,000 B. 1,855,000 D. 2,000,000 On October 1, 2020, Jack and Jil pooled their assets to form a partnership with the firm to take over the business assets and assume the habilities. The partners capital are to be based on the net assets transferred after the following adjustments. Jil's invenory is to be increased by P40,000; an allowance for doubtful account of P10,000 and P15,000 are to be set up in the books of Jack and Jil respectively; and asccrued expenses of P40,000 is to be recognized in Jack's Books. The partners agree to allocate profts and losses equaly. The individual trial balances on October 1, before adjustment follow: Jack Jill Assets 750,000.00 1,120,000.00 Liabilities 50,000.00 345,000.00