ILLUSTRATION: . Partners Lester and Pen, who share equally in profits and losses, have the following items in their partnership's statement of financial position as at December 31, 2019: Cash P120,000 Accounts Payable P172,000 Accounts Receivable. 100,000. Accum. Dep 8,000 Inventory 140,000 Lester, Capital 140,000 Equipment 80,000 Pen, Capital 120,000 Total P440,000 Total P440,000 They agreed to incorporate their partnership, with the new corporation absorbing the net assets after the following adjustments: providing doubtful accounts of P10.000; restatement of the inventory to its current fair value of P160,000; and additional recognition of depreciation on the equipment of P3,000. The corporation's share capital will have a par value of P100, and the partners will be issued the shares equivalent to their adjusted capital balances.On May 1, 2019 the business of Cordova and Constancio appear below: - Account titles Cordova Constancio . Cash 11,000 22,354 . Accounts receivable 234,536 567,890 . Inventories 120,035 260,102 - Land 603,000 . Buildings 428,267 - Furnitures and Fixtures 50,345 34.789 . Other assets 2,000 3,600 - Accounts payable 178,940 243,650 . Notes payable 200,000 345,000 - Cordova, Capital 641,976 Constancio, Capital 728,352 OTHER INFORMATION: - Cordova and Constancio agreed to form a partnership contributing their respective assets and equities subject to the following adjustments: Accounts receivable of P20,000 in Cordova's books and P35,000 in Constancio's are uncollectible. - Inventories of P5,500 and P6,700 are worthless in Cordova's and Constancio's respective books. - Other assets of P2,000 and P3,600 in Cordova's and Constancio's books are to be written off.REQUIRED: The capital accounts of the partners Cordova and Constancio after the adjustments will be? . How much assets does the partnership have? . Assuming Cuyugan offered to join for a 20% interest in the firm, how much cash should he contribute? PROBLEM NO. 2 . Dayrit, a partner in an accounting firm decided to withdraw from the partnership. Dayrit's share of the partnership profits and losses was 30%. Upon withdrawing from the partnership, he was paid P74,000 in the final settlement of his interest. The total of the partner's capital accounts before asset revaluation, prior to Dayrit's withdrawal was P210,000. After his withdrawal, the remaining partners' capital accounts, excluding their share of the asset revaluation, totaled P160,000. The total amount of the asset revaluation recognized was a. P80,000 b. P120,000 c.P96,000 d. P160,000PROBLEM NO. 3 The partnership of Doctor, Dino and Dolor has reached an impasse as Dolor is no longer willing to contribute the amount of time and effort to the partnership that he has previously given. The partners share profits and losses in the ration of 3:3:4, respectively. The partners have the following capital balances just before Dolor's withdrawal from the partnership: - Doctor P45,000 - Dino 35,000 - Dolor 20,000 - If Dino purchases Dolor's interest from Dolor for P32,000 and no asset revaluation is recorded, the balance of Dino capital account immediately after the withdrawal of Dolor is A) P55,000 B) P61,000 C) P60,250 D) P67,000