.ChangesinEquity - Search Mailings Review View Help AaBbCcDd AaBbCcDd AaBbC( AaBbCet AaB AaBbCCD AnB A 1 Normal 1 No Spac... Heading 1 Heading 2 Title Subtitle Subt Paragraph Styles 2 . 3 - 4 - 1 . 5 . 1.6 . 1 .7 1 8 . 10 . 1 11 . 1 . 12 1 . 13 . 1 . 14 . 1 . 15 1 16 6 1. Philip, of Philip and Romy, partners sharing profits in the ratio of 60% and 40% wants to retire. The partners agree that the fixed assets are undervalued by P20,000, that goodwill is worth P15,000, and that Philip's share of these increases shall be recorded and creditable to his capital account. Since the working capital is only P70,000, it is decided that Philip shall receive only one- third of his adjusted capital credit in cash. For the remainder, he accepts securities, which have been carried as other assets at their book value and market value of P12,000, and a six-month note payable. The balance sheet, which is then prepared, appears as follows: Current assets P 53,000 Current liabilities P 52,000 Other assets 3,000 Romy, capital 50,000 Fixed assets 37,000 Goodwill 9,000 Total P102,000 P102,000 Questions: a. Current assets before Philip's retirement must be: b. Current liabilities before Philip's retirement must be: c. Fixed assets before Philip's retirement must be: d. Other assets before Philip's retirement must be: e. Philip's adjusted capital balance must be