Determine the amount of Max's contributed capital to the partnwrship

additional amount to be contributed by Mary

total partnership's assets after the additional contribution of Mary

amount of bonus to be recieved bu the relevant partner, if there is any

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Max Solis has successfully operated Star News for a number of years. He wants expand the newspaper publishing business but he would need more capital, so he invite Mary Prieto to join him on July 1. A post closing trial balance of his business showed the following Debit Credit Cash P 170,000 Accounts Receivable 500,000 Supplies Inventory 75,000 Prepaid Insurance 10,000 Furniture & Fixtures 35,000 Accumulated Depreciation 3,000 Printing Equipment 500,000 Accumulated Depreciation 120,000 Accounts Payable 350,000 Solis, Capital 815,000 PL.290,000 P1.290,000 It was agreed that the above assets and liabilities be adjusted as follows: 1. The allowance for bad debts should be 15% of the accounts receivable after writing off bad accounts of P50,000 2. The market value of the supplies is only 80% of its cost. 3. The market value of the furniture and fixtures is P25,000. 4. Accrued taxes of P5,000 should be recognized 5. The printing equipment is estimated to have a market value lower by P80,00 The partnership will be called the Philippine Star Balita with Prieto investing cash to make the agreed capital P1,000,000. It was further agreed that Prieto will be given a 40% interest in the firm. Determine the amount of Max's contributed capital to the partnership