Aladdin, Mommae, and Parker formed a partnership on January 1, 2015 Aladdin and Mommae transferred their accounts to the partnership as their contributions while Parker will invest cash as her contribution to have a total partnership capital balance of P6,000,000 Aladdins Books Mommaes Books Book Value Fair Value Book Value Fair Value Cash P155,000 P155,000 Cash P210,000 P210,000 Accounts Receivable 230,000 220,000 Accounts Receivable 320,000 305,000 Inventories 380,000 350,000 Inventories 415,000 400,000 Land 2,100,000 2,200,000 Equipment 1,340,000 1,275,000 Accounts Payable 325,000 325,000 Accounts Payable 390,000 390,000 The partners agreed to have a capital interest of 2 3 1, and they have also decided to share in the profit or loss in a ratio of 3 5 2, respectively For the year 2015, the partners made a withdrawal amounting to P100,000 each Also, Aladdin and Mommae made additional cash contributions amounting to P360,000 and P220,000 The partnership had a loss of P180,000 that year For the year 2016, the partners made a withdrawal equivalent to 10 of their beginning balance Also, Aladdin and Parker contributed cash amounting to P240,000 and P460,000 The partnership had a profit of P160,000 that year For the first half of 2017, the partners contributed P120,000 each and they made a withdrawal of P35,000, P22,000, and P38,000, respectively The profit for the first half of 2017 is P160,000 On July 1, 2017, Michael was admitted to the partnership by contributing P1,205,000 for a 15 capital interest The agreed capital upon admission of Michael would be P8,500,000 Their new profit and loss ratio would be 5 8 3 4, respectively For the second half of 2017, the partners contributed P65,000, P15,000, P25,000, and P20,000, respectively They also made withdrawals of P20,000 each The profit for the second half of 2017 is P250,000 For the year 2018, the partners contributed P40,000, P45,000, P50,000, and P35,000, respectively They also made withdrawals of P30,000 each This year, they made revisions to their agreement to share in the partnership profit of P420,000 Interest of 4 to all partners based on their beginning capital Salaries of P20,000 each will be provided Bonus of 12 based on profit before bonus and tax The remainder will be allocated using their profit and loss ratio At the beginning of 2019, Michael left the partnership by selling her interest to the partnership for P1,500,000 The bonus method will be used to account for the withdrawal of Michael The remaining partner's profit and loss ratio reverted back to 3 5 2, respectively From January 1 to September 30, 2019, the partners made contributions of P40,000, P30,000, and P20,000, respectively They also made withdrawals of P190,606, P229,000, and P180,394 The profit for that period is P245,000 On October 1, 2019, the partners decided to liquidate the partnership All non cash assets were sold for P3,890,000 The liquidation expense is P210,000 The following account balances are as follows Cash 420,000 Non cash assets 8,720,000 Receivable, Aladdin 360,000 Accounts Payable 625,000 Notes Payable 925,000 Loan, Mommae 270,000 Loan, Parker 180,000 Aladdin, Capital 2,658,000 Mommae, Capital 3,366,500 Parker, Capital 1,475,500 Requirements Determine the agreed capital of the partners upon formation in 2015 Determine the capital balances of the partners as of December 31, 2015 Determine the capital balances of the partners as of December 31, 2016 Determine the capital balances of the partners as of December 31, 2017 Determine the capital balances of the partners as of June 30, 2017 Determine the agreed capital balances of the partners upon admission of Michael on July 1, 2017 Determine the capital balances of the partners as of December 31, 2017 Determine the capital balances of the partners as of December 31, 2018 Determine the new capital balances of the remaining partners after the withdrawal of Michael on January 1, 2019 Determine the capital balances of the partners as of September 30, 2019 Determine the payment to partners upon liquidation

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Aladdin, Mommae, and Parker formed a partnership on January 1, 2015. Aladdin and Mommae transferred their accounts to the partnership as their contributions while Parker

Aladdin, Mommae, and Parker formed a partnership on January 1, 2015. Aladdin and Mommae transferred their accounts to the partnership as their contributions while Parker will invest cash as her contribution to have a total partnership capital balance of P6,000,000.

Aladdins Books			Mommaes Books
	Book Value	Fair Value		Book Value	Fair Value
Cash	P155,000	P155,000	Cash	P210,000	P210,000
Accounts Receivable	230,000	220,000	Accounts Receivable	320,000	305,000
Inventories	380,000	350,000	Inventories	415,000	400,000
Land	2,100,000	2,200,000	Equipment	1,340,000	1,275,000
Accounts Payable	325,000	325,000	Accounts Payable	390,000	390,000

The partners agreed to have a capital interest of 2:3:1, and they have also decided to share in the profit or loss in a ratio of 3:5:2, respectively.

For the year 2015, the partners made a withdrawal amounting to P100,000 each. Also, Aladdin and Mommae made additional cash contributions amounting to P360,000 and P220,000. The partnership had a loss of P180,000 that year.
For the year 2016, the partners made a withdrawal equivalent to 10% of their beginning balance. Also, Aladdin and Parker contributed cash amounting to P240,000 and P460,000. The partnership had a profit of P160,000 that year.
For the first half of 2017, the partners contributed P120,000 each and they made a withdrawal of P35,000, P22,000, and P38,000, respectively. The profit for the first half of 2017 is P160,000.
On July 1, 2017, Michael was admitted to the partnership by contributing P1,205,000 for a 15% capital interest. The agreed capital upon admission of Michael would be P8,500,000. Their new profit and loss ratio would be 5:8:3:4, respectively.
For the second half of 2017, the partners contributed P65,000, P15,000, P25,000, and P20,000, respectively. They also made withdrawals of P20,000 each. The profit for the second half of 2017 is P250,000.
For the year 2018, the partners contributed P40,000, P45,000, P50,000, and P35,000, respectively. They also made withdrawals of P30,000 each. This year, they made revisions to their agreement to share in the partnership profit of P420,000.

Interest of 4% to all partners based on their beginning capital.
Salaries of P20,000 each will be provided.
Bonus of 12% based on profit before bonus and tax.
The remainder will be allocated using their profit and loss ratio.

At the beginning of 2019, Michael left the partnership by selling her interest to the partnership for P1,500,000. The bonus method will be used to account for the withdrawal of Michael. The remaining partner's profit and loss ratio reverted back to 3:5:2, respectively.
From January 1 to September 30, 2019, the partners made contributions of P40,000, P30,000, and P20,000, respectively. They also made withdrawals of P190,606, P229,000, and P180,394. The profit for that period is P245,000.
On October 1, 2019, the partners decided to liquidate the partnership. All non-cash assets were sold for P3,890,000. The liquidation expense is P210,000. The following account balances are as follows:

Cash	420,000
Non-cash assets	8,720,000
Receivable, Aladdin	360,000
Accounts Payable	625,000
Notes Payable	925,000
Loan, Mommae	270,000
Loan, Parker	180,000
Aladdin, Capital	2,658,000
Mommae, Capital	3,366,500
Parker, Capital	1,475,500

Requirements:

Determine the agreed capital of the partners upon formation in 2015.
Determine the capital balances of the partners as of December 31, 2015.
Determine the capital balances of the partners as of December 31, 2016.
Determine the capital balances of the partners as of December 31, 2017.
Determine the capital balances of the partners as of June 30, 2017.
Determine the agreed capital balances of the partners upon admission of Michael on July 1, 2017.
Determine the capital balances of the partners as of December 31, 2017.
Determine the capital balances of the partners as of December 31, 2018.
Determine the new capital balances of the remaining partners after the withdrawal of Michael on January 1, 2019.
Determine the capital balances of the partners as of September 30, 2019.
Determine the payment to partners upon liquidation.