Answer the requirements and computations ..

Valuation of contributions of partners 1. Mr. Sun and Ms. Moon formed a partnership. Their contributions are as follows: Mr. Sun Ms. Moon Cash 400,000 Accounts receivable 250,000 Land 750,000 Equipment 180,000 Total 650,000 1,130,000 Additional information: Only 80% of the accounts receivable is deemed collectible.The land is stated at original cost. The fair value is P1,000,000. The partnership assumes a P250,000 unpaid mortgage on the land. Ms. Moon acquired the equipment on a long-term financing basis. Ms. Moon promised to pay the unpaid principal balance of P80,000 using her personal funds. The equipment is under- depreciated by P30,000. Requirement: Provide the journal entry to record the partner's contributions. 2. Use the information in problem '1'. The partners agreed to share in profits and losses equally. A partner should make an additional contribution in order for the partners' capital balances to reflect the partners' equal interests in the partnership. Requirement: Which partner should make an additional contribution and by how much? Bonus on initial investments 3. Use the information in problem '1'. However, assume that the partners agreed to have equal interests in the partnership's equity and profit and losses. The partners' initial capital credits should reflect this agreement using the bonus method.. Requirement: Provide the journal entry to record the partner's contributions. Variation to bonus method - cash settlement between partners 4. Use the information in problem '1'. However, assume that the partners agreed to have their capital accounts initially credited at equal amounts. Cash settlement shall be made between the partners.Requirements: a. Provide the compound journal entry to record the partner's contributions. b. Provide the simple journal entries to record the partner's contributions. Variation to bonus method - additional investment/withdrawal 5. Use the information in problem 'l'. However, assume that the partners agreed to have their capital accounts initially credited at equal amounts. A partner shall provide additional investment (or withdraw part of his investment) in order to equalize the balances of the partners' capital accounts. Requirement: Which partner shall make an additional investment and which partner shall withdraw part of his/her investment