FGTON PROFESSOR oblem FLO,000 15.00 Accounts Reco Allowance for collectibles Inventory Equipment Accumulated Depreciation Total Assets 100 79000 250,000 10 000 POOD Labanda Accounts Payable Tolentino, Capital Total Liabilities and Capital 35.000 152.000 P2,000 Conditions sureed upon before the formation of the partnership The accounts receivable of Tolentino is estimated to be 70% realizable b. The accumulated depreciation of the equipment will be increased by P10.000 The accounts payable will be assumed by the partnership d. The capital of the partnership is based on the adjusted capital balance of Tolentino Ton is to contribute cash in order to make the partner's capital balances proportionate to the profit and loss ratio Required 1 Prepare the necessary journal entries in the books of Tolentino 2. Prepare the opening journal entries in the books of the partnership, Sole Produits Partnership with the ment of final bouton Toto