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SECTION: Problem #11 Admission of a New Partner Gloria Detoya and Esterlina Gevera have operated a successful partnership for man years, sharing profit and losses equally. Evangelina Madelo is to be admitted to an partnership on June 1 of the current year, in accordance with the following agreement Assets and liabilities of the old partnership are to be valued at their book values as a. of May 31, except for the following: Accounts receivable amounting to P20,000 are to be written off, and the allowance for uncollectible accounts is to be increased to 5% of the remaining accounts. Merchandise inventory is to be valued at P638,700. Equipment is to be valued at P900,000. b. Madelo is to purchase P300,000 of the ownership interest of Gevera for P375,000 cash and to contribute P350,000 cash to the partnership for a total ownership equity of P650,000. c. The income-sharing ratio of Detoya, Gevera, and Madelo is to be 2:1:1. The post-closing trial balance of Detoya and Gevera as of May 31 follows: Detoya and Gevera Post-Closing Trial Balance May 31, 2019 Debit Credit Balances Balances Cash 95,000 Accounts Receivable 214,000 Allowance for Uncollectible Accounts 5,000 Merchandise Inventory 586,000 Prepaid Insurance Equipment 35,000 950,000 Accumulated Depreciation-Equipment Notes Payable 257,000 Accounts Payable 120,000 Detoya, Capital 148,000 Gevera, Capital 750,000 600,000 1,880,000 1,880,000 Required: Prepare the balance sheet for the new partnership as at June 1, 2019. 3-30 | WIN Ballada's Partnership and Corporation Accounting