Please provide answers with solutions and explanations. 11-12

Use the touownng Intormatlon to answer questions 11 12: lllfll\"f . . _2' On March 1, 2020, Iesse and Iames decide to combine their businesses and form a partnership. Their balance sheets on the same date, before adjustments, showed the following: Seem lam: Cash P 10,000 P 7,500 Accounts Receivable 37.000 27,000 inventories 60,000 39,000 Furniture and Fixture. net 60,000 18,000 Ofce Equipment. net 23,000 5,500 Prepaid Insurance 12.?50 6 000 Total \"10350 P101000 Accounts Payable P 91,500 F 36,000 Capital 119.250 6?.000 Total P210350 P101000 They agreed to have the following items recorded in their respective books: a. Provide 2% allowance for doubtful accounts based on Accounts Receivable. b. lesse's furniture and xture should be valued HIE-2,000, while lames' ofce equipment is under-depreciated by P500. c. Rent expense previously incurred by lease was not recorded amounting to P2,000. while salary expense incurred by James was not recorded amounting to 91,600. d. The market values of the inventories amounted to P59.000 and \"-2.000 for Jesse and lames. respectively. 11. Determine the total liabilities of the partnership immediately after its formation? * O A. P123900 0 B. P121500 0 c.e127,900 O D. e131,100 12. Determine the total assets of the partnership after its formation? * A. P305,970 B. P313,750 C. P315,970 D. P321,530 Use the following information to answer questions 13 - 14: Preach and Witch are partners in their Circus Show business. Witch is the managing partner. As of December 31, 2020, their capital account showed the following Preach, Capital July 1 15,000 P 100,000 January 1 December 1 10,000 10,000 April 1 35,000 November 1 Witch, Capital April 1 P 30,000 P 150,000 January 1 December 1 35,000 50,000 June 1 65000 October 1 The partnership earned a modest profit of P120,000 for the year ending 2020