On May 1, 2018, the business accounts of Campos and Centeno appear below:

Assets Campos Centeno

Cash P11,000 P22,354

Accounts receivable 234,536 567,890

Inventories 120,035 260,102

Land 603,000

Buildings 428267

Furniture and Fixtures 50,345 34,789

Other assets 2,000 3,600

Total P1,020,916 P1,317,002

Equities

Accounts Payable P178,940 P243,650

Note payable P200,000 P345,000

Campos, Capital P641,976

Centeno, Capital P728,352

Total P1,020,916 P1,317,002

Campos and centeno agreed to form a partnership contributing their respective assets and equities subject to the following adjustments:

a. Accounts receivable of P20,000 in Campos books and P35,000 in Centeneo's book are uncollectible.

b. Inventories of P5,500 and P6,700 are worthless in Campo's and Centeneo's respective books.

c. Other Assets of P2,000 and p3,600 in Campos' and Centeneo's respective books are to be written off.

The Capital accounts of the partners after the adjustments will be

Campos Centeneo

a. P614,476 P683,052

b. P615,942 P717,894

c. P640,876 P712,345

d. P613,576 P683,350

Using the above information, how much assets does the partnership have?

a. P2,337,918

b. P2,237,918

c. P2,265,118

d. P2,365,218

Using the above information and assuming Coronel offered to join for 20% interest in the

firm, how much cash should he contribute

a . P330,870

b. P337,487

c. P344,237

d. P324,382

Using the above information and assuming after Coronel's admission, the profit and loss sharing ratio was agreed to be 40:40:20 based on capital credits, how much should the cash settlement be between Campos and Centeneo?

a. P33,602

b. P32,930

c. P32,272

d. P34,288

Using the above information and assuming that during the first year of operations the partnership earned a profit of P325,000 and that this was distributed in the agreed manner. Assuming further that drawings were made in these amounts: Campos, P50,000; Centeneo, P65,000; and Coronel, P28,000, how much are the

capital balances of the partners after the first year?