9. On July 1 of the current year, Abella and Balansay formed a partnership Abella is to invest certain business assets at values which are yet to be agreed upon. He is to transfer his business liabilities and to contribute sufficient cash to bring his total capital to P495,000, which is 60% of the total capital s had been agreed upon. Details regarding the book values of Abella's business assets and liabilities and their corresponding valuation follow: Book values Agreed valuations Accounts receivable P148,500 P148,500 Allowance for doubtful accounts 9,900 16,500 Merchandise inventory 265,650 288,750 Store equipment 74,250 AD- Store equipment 49,500 36,30011. On April 1, 2020, Abrenica and Banggayan pooled their assets to form a partnership, with the firm to take over their business assets and assume the liabilities. Partners capitals are to be based on net assets transferred after the following adjustments: a. Banggayan inventory is to be increased by P21,000; b. Allowance for doubtful accounts of P7,000 and P10,500 are to be set up in the books of Abrenica and Banggayan, respectively; c. Accounts payable of P28,000 is to be recognized on Abrenica's books. The individual trial balances on April 1, 2020, before adjustments follow: Abrenica : Banggayan Assets P525,000 P931,000 Liabilities 35,000 241,500 Capital 490,000 549,500 How much is the capital of Abrenica after the above adjustments to his books? a. P490,000 b. P455,000 C. P479,500 d. P462,000 12. Amion admits Basa for a partnership interest in his business. The balance sheet accounts of Amion on November 30, 2020 prior to the admission of Basa are as follows: Debit Credit Cash Accounts receivable 312,000 Merchandise inventory 468,000 Accounts payable P161,200 Amion, capitalIt is agreed that for the purposes of establishing Amion's interest, th following adjustments should be made: 1. An allowance for doubtful accounts of 2% of accounts receivable is to be established. 2. The merchandise inventory is to be valued at P520,000. 3. Prepaid expenses of P16,900 and accrued expenses of P10,400 are to be recognized . Basa invested cash of P369,330 to give him one-third interest in the total capital of the firm. What is the capital balance of Amion before the admission of Basa? a. P738,660 b. P747,890 C. P686,400 d. P814,125