Instruction: (Partnership will open a new set of books)

1. Adjust the books of Jill and Steven
2. Close the books of Jill and Steven
3. Record the investment of Jill and Steven
4. Prepare the statement of Financial Position

ProblemOn May 1 , 2018 , the business accounts of Jill and Steven appear below :JillStevenCash55, 0001 1 1 , 770Accounts Receivable1 , 172 , 6802 , 839 , 450Merchandise Inventory600 , 1751 , 300, 510Land3, 015, 000Buildings2 , 141 , 335Furnitures and Fixtures251 , 725173, 945Other Assets10 , 00018, 000Accounts Payable894, 7001 , 218, 250Notes Payable1, 000, 0001 , 725, 000Jill , Capital3 , 209 , 880Steven , Capital3, 641 , 760Jill and Steven agreed to form a partnership contributing their respective assets and liabilities subject to thefollowing adjustments :"Accounts receivable of Php 50 , 000 in Jill's books and Php 75, 000 in Steven's books are uncollectible .Inventories of Php 27, 000 and Php 35, 000 are worthless in Jill's and Steven's respective booksOther assets of Php 10, 000 and Php 18 , 000 in Jill's and Steven's books are to be written off .Instruction : ( Partnership will open a new set of books )1 . Adjust the books of Jill and Steven2 .Close the books of Jill and Steven3 .Record the investment of the Jill and Steven4 . Prepare the statement of Financial Position