86 Jungkook, Jimin and Jin are lawyers who agreed to form a partnership and to share profits in the ratio of 5:3:2. They also agreed that Jin is to bellowed a salary of P14,000, and Jimin is to be guaranteed of P10,500 as his share of the profits. During the first year of operation, income from fees areP90,000, while expenses total P48,000. What amount of net income should be credited to Jimin's capital account? * (1 Point) O 11,000 8,400 O 14,000 O 10,50077 How much is the net adjustment to Jungkook, Capital as a result of the foregoing?* (1 Point) 1. On July 1, 2021, Junglook admits Jimin for an interest in her business. On this date, Jungkook's capital account shows a balance of P1,080,800. The following were the terms and agreement of the partners upon its formations a. Jungkook's outstanding receivable is P500,000 and the allowance for uncollectible accounts bas a balance of P20,000. The accounts receivable is estimated to ta 85%% callectible. Uncamed interest necount of Jungkook of P24,009 credit represents interest collected in advance for six months starting on June 1, 2021. Interest already earned amounting to PA,80 should be recognized. e. Total supplies purchased during the year were charged to supplies expense account, On July 1, there were unused supplies of P10,000. d. Inventories should be recognized of market value, which exceeds its carrying value by c. Equipment account of Jamakook should be depreciated for an additional amount of pio coo. E Jimin is to invest cash equal to % of the toid partnership capital. The new capital is based on the adjusted capital of Junglock wich that Jungbook's adjusted capital represents already *4 of the total partnership capital 32,000 21,000 O 25,000 30,000