Please help me answer this by filling in the blanks. I want to see your answers so that I'll compare them to mine. Thank you!
Round-off the final answers to the nearest peso.
This is about Partnership
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1.
The business assets of RR and QQ appear below: Account Titles QQ RR Cash 11,000 22,354 Accounts Receivable 234,536 567,890 Inventories 120,035 260, 102 Land 603,000 0 Building 0 428,267 Furniture and Fixtures 50,345 34,789 Other Assets 2,000 3,600 Total 1,020,916 1,317,002 Accounts Payable 178,940 243,650 Notes Payable 200,000 345,000 QQ, Capital 641,976 0 RR, Capital 0 728,352 Total 1,020,916 1,317,002QQ and RR agreed to form a partnership by contributing their respective assets and equities subject to the following adjustments: a, Accounts Receivable of P20,000 in QQ's books and P35,000 in RR's books are uncollectible. b, Inventories of P5,500 and P6,700 are worthless in QQ's and RR's books, respectively. c. Other assets of P2,000 and P3,600in QQ's and RR's books are to be written off. Required: Compute for the following : 1. How much is the capital account of partner QQ after adjustments? P 2. How much is the capital account of partner RR after adjustments? P 3. The total assets of the partnership just after formation is PThe partnership of DouDou and MiaoMiao was formed and commenced operations on March 01, 2019 with DouDou contributing P30,000 cash and MiaoMiao investing cash of P10,000 and equipment with an agreed upon valuation of P20,000. On July 01, 2019, MiaoMiao invested an additional P10,000 in the partnership. DouDou made capital withdrawal of P4,000 on May 02, 2019 but reinvested the P4,000 on October 01, 2019. During 2019, DouDou withdrew P800 per month and MiaoMiao, the managing partner, withdrew P1,000 per month. These drawings were charged to Salary Expense. A preclosing trial balance taken at December 31, 2019 is as follows: DEBIT CREDIT Cash 9,000 Receivable, net 15,000 Equipment, net 19,000 Other Assets 50,000 Liabilities 17,000 DouDou, capital 30,000 MiaoMiao, capital 40,000 Service Revenue 50,000 Supplies Expense 17,000 Utilities Expense 4,000 Salaries to partners 18,000 Other Miscellaneous 5,000 Expenses Total 137,000 137,000the partners agreed on the following: a monthly salar).r allowances of P800 and FLOOD for DouDou and MiaoMiao, respectively; interest allowance at 12% annual rate on average capital balances and remaining prots allocated equally. Required 1. Hm:r much is the partnership net income? P 2. How much is the average capital of DaoDao? P 3. How much is the average capital of MiaoMiao? P 4. How much is DaoDao's share in the partnership prots? P 5. How much is MiaoMiao's share in the partnership prots? P
