PROBLEM 14 Hilda and Tgreal are combining their separate business to form a partnership. Cash and non-cash assets are to be contributed for a total capital of P600,000. The non-cash assets to be contributed and the liabilities to be assumed are as follows: Hilda Tigreal BV FV BV FV Accounts receivable Merchandise inventory Equipment Accounts payable 40,000 60,000 120,000 30,000 40,000 100,000 90,000 30,000 40,000 80,000 20,000 50,000 100,000 20,000 Partners' capital accounts are to be equal after all the contribution of assets and the assumption of liabilities. Required: a. How much is the cash to be contributed by Hilda? b. How much is the total assets of the partnership? PROBLEM 23 A business owned by Kagura was short of cash and Kagura decided to form a partnership with Gusion who was able to contribute cash twice the interest of Kagura in the new partnership. The assets contributed by Kagura appears as follows in the statement of financial position of his business: cash, P9,000; accounts receivable, P189,000 with allowance for uncollectible accounts of P6,000; merchandise inventory, P420,000; and store equipment, P150,000 with accumulated depreciation of P15,000. Kagura and Gusion agreed that the allowance for uncollectible accounts was inadequate and should be P10,000. They also agreed that the fair value for the inventory is P460,000 and for the store equipment is P140,000 Required: 1. Journal entry for the adjustments and investments 2. What is the total capital of Kagura and Gusion