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DATE: SCORE: Para: Luman: Bobby: Cobby: Investments of Partners (14 points) On April 15, 20AB, Para and Luman formed a partnership with the following investments: LUMAN Cash Furniture Equipment PARA P 55,000 66,000 P 192,500 The market values of the non-cash assets were P44,000 for the furniture and P165,000 for the equipment. Para and Luman's profit and loss sharing ratio is 1:3, respectively. Requirements: 1. If the capital of each partner is based on his/her contributions, give the entry to record the partnership formation (5 points: 1 point for each correct amount and account used). 2. If the partners agree that their capital should be equal so that the partner with the lower capital will make additional cash investment, who will make the investment and how much? (3 points) 3. Assuming that Luman's agreed capital is P275,000, how much cash investment must he make? (3 points) 4. Assuming that Para's investment is equal to 30% of the total capital, how much additional investment should Luman make? (3 points) Partnership Formation () Bobby and Cobby agreed to combine their businesses and form a partnership. The ledger accounts prior to adjustments showed the following balances: BOBBY P COBBY 84,000 63,000 157,500 Cash Accounts Receivable Inventory Equipment Accumulated Depreciation Accounts Payable 126,000 105,000 52,500 63,000 (21,000) (21,000) The following adjustments are to be made for the purposes of establishing the capital credit of the partners: 1. Ten percent (10%) bad debts (impairment loss) should be provided on the outstanding accounts receivable. 2. The market value of the inventory is 80% of cost. 3. The carrying amount of the equipment is only P33,600. 4. Bobby will recognize prepaid expenses of P8,400. 5. Cobby will recognize accrued expenses of P6,825. Give all the entries necessary for the following scenarios: a. Books of Bobby will be used (30 points: 1 point for each correct amount and account used). b. Books of Cobby will be used (28 points: 1 point for each correct amount and account used). c. New set of books will be used by the partnership (40 points: 1 point for each correct amount and account used) Reference: Abeleda, N. S. (2012). Simplified accounting for partnership and corporation. Paranaque: Nelson Publications