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 57. LM contributed land, inventory and P250,000 cash to a partnership. The land has a book value of P650,000 and a market value of P1,300,000. The inventory has a book value of P600,000 and a market value of P500,000. The partnership also assumed a P300,000 note payable owed by LM that was used to purchase the land. LL agreed to put up cash equivalent to LM's net investment The entry to record the investment of LM in the partnership is * (2 points) Dr Land, P1300,000; Dr Inventory, P500,000; Dr Cash, P250,000; Or Notes payable, P300,000: LM, capital. P1750,000 Dr Land, P1300,000; Dr Inventory. P500,000; Dr Cash, P250,000; Cr Notes payable, P300,000; LM, capital, P1790,000 Dr Land, P650,000; Dr Inventory, P600,000: Dr Cash, P250,000; Or Notes payable, P300,000; LM, capital, P1200,000 Dr Land, P650,000: Dr Inventory, P500,000; Dr Cash, P250,000: Cr Notes payable, P300,000: LM, capital, P1100,000