anount to be creduted for timon's capital

amount to be credited for pumba's capital

total partnership assets after itms formation

total partnership liabilities after its formation

s/6277/quizzes/23999/take The business assets of Timon and Pumba appears below: Timon Cash P 11,000 Accounts receivable 234,000 Allowance for bad debts ( 23,400) Notes receivable 300,000 Inventories 120,000 Land 603,000 Building Accum, depreciation - Building Furniture and Fixture 50,000 Accum depreciation - Furniture & Fixture (2,500) Other assets 4.000 Totals PL 296.100 Pumba P 25,000 560,000 ( 28,000) 150,000 260,000 420,000 ( 42,000) 34,000 (1.700) 5.000 P1.382.300 Accounts payable P 179,000 P 244,000 Notes payable 200,000 345,000 Timon, Capital 917,100 Pumba, Capital 793,300 Totals P1.296,100 P1.382.300 Determine the amount to be cr Timon and Pumba agreed to form a partnership contributing their respective assets and equities subject to the following adjustments: a. The accounts receivable of Timon is believed to be 95% collectible while that of Pumba is 90% collectible. b. Unrecorded interest on the notes receivable of both Timon and Pumba, 10% for two months. c. Unrecorded interest on the notes payable of both Timon and Pumba, 12% for three months. d. Inventories of P5,500 and P6,700 are worthless in Timon's and Pumba's respective books. The building is overdepreciated by P10,000 while the furniture and fixture should be depreciated by P2,500 and P1.700 more for Timon and Pumba, respectively. Other assets of P2,000 and P3,600 in Timon's and Pumba's respective books are to be written off Timon's capital