1. A review of the assets and liabilities of the No Good Company in bankruptcy on June 31, 20x3, discloses the following A mortgage payable of P350,000 is secured by land and buildings at P560,000. Notes payable ofP175,000 are secured by equipment valued at P140,000. Assets other than those referred to have an estimated value of P157,500. Liabilities other than those referred to, total P420,000, which included claims with priority of P52,500. What is estimated deficiency to unsecured creditors?
2. On December 31, 2013, Alan and Dino are partners with capital balances of P80,000 and P40,000, respectively. They share profits and losses in the ratio of 2:1. On this date Steve invests P36,000 cash for a one-fifth interest in the capital and profit of the new partnership. The partners agree that the unrecorded partnership goodwill is to be recorded simultaneously with the admission of Steve The total unrecorded goodwill of the firm is: