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50. The following data as of May 1, 2019 were taken from the records of Bench: Cash P11,000: Accounts receivable 234,536: Inventories 120,035: Land 603,000:
50. The following data as of May 1, 2019 were taken from the records of Bench: Cash P11,000: Accounts receivable 234,536: Inventories 120,035: Land 603,000: Furniture & Fixtures 50,345: Other Assets 2,000: Accounts Payable P178,940: Notes Payable 200,000: Bench, Capital 641,976 The following data as of May 1, 2019 were taken from the records of Jag: Cash P22,354: Accounts receivable 567,890: Inventories 260,102: Building 428,267: Furniture & Fixtures 34,789: Other Assets 3,600: Accounts Payable P243,650: Notes Payable 345,000: Jag, Capital 728,352 a. Bench and Jag agreed to form a partnership by contributing their respective assets and equities subject to the following adjustments: Inventories of P 5,500 and P 6,700 are worthless in Bench's and Jag's respective books. b. Accounts receivable of P 20,000 in Bench's book and P 35,000 in Jag's book are uncollectible. Other assets of P 2,000 and P 3,600 in Bench's and Jag's respective books are to be written off. The capital account of partner Bench after adjustments will be * 15 (2 Points) P 640,876 O P 614.476 O P 615,942 P 613,576
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