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A and B are combining their separate businesses to form a partnership. Presented here are the Statements of Financial Position before any adjustments: - They
A and B are combining their separate businesses to form a partnership. Presented here are the Statements of Financial Position before any adjustments: - They agreed to set up P5,000 each as uncollectible accounts on their accounts receivable. - They also found out that their Non-current assets (all depreciable assets) were under-depreciated by P80,000 each. The partners agreed that their capital balances upon formation will be equal to their capital after taking into consideration the above revaluations. Compute the total capital of the newly formed partnership of A and B
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