Problem 3 On Apr 8, 2018, Tik who has her own retail business and Tok, decided to form a partnership wherein they will divide profits in the ratio of 40:60, respectively, the statement of financial position of Tik is as follows: Tik Marketing Statement of Financial Position April 8, 2018 Assets Cash P 4,000 Accounts Receivable P 160,000 Less: Allowance for Uncollectible Accounts 16,000 144,000 Inventory 200,000 Equipment 50,000 Less: Accumulated Depreciation 10,000 40,000 Total Assets P 388,000 Liabilities and Capital Accounts Payable P 36,000 Tik, Capital 352,000 Total Liabilities and Capital P 388,000 Conditions agreed upon before the formation of the partnership: a. The accounts receivable of Tik is estimated to be 70% realizable. b. The accumulated depreciation of the equipment will be increased by P 10,000. c. The accounts payable will be assumed by the partnership. d. The capital of the partnership is based on the adjusted capital balance of Tik Tok is to contribute cash in order to make the partner's capital balances proportionate to the profit and loss ratio. Required: 1. Prepare the necessary journal entries in the books of Tik. 2. Prepare the opening journal entries in the books of the partnership. 3. Prepare the statement of financial position of the newly formed partnership. Problem 3 On Apr 8, 2018, Tik who has her own retail business and Tok, decided to form a partnership wherein they will divide profits in the ratio of 40:60, respectively, the statement of financial position of Tik is as follows: Tik Marketing Statement of Financial Position April 8, 2018 Assets Cash P 4,000 Accounts Receivable P 160,000 Less: Allowance for Uncollectible Accounts 16,000 144,000 Inventory 200,000 Equipment 50,000 Less: Accumulated Depreciation 10,000 40,000 Total Assets P 388,000 Liabilities and Capital Accounts Payable P 36,000 Tik, Capital 352,000 Total Liabilities and Capital P 388,000 Conditions agreed upon before the formation of the partnership: a. The accounts receivable of Tik is estimated to be 70% realizable. b. The accumulated depreciation of the equipment will be increased by P 10,000. c. The accounts payable will be assumed by the partnership. d. The capital of the partnership is based on the adjusted capital balance of Tik Tok is to contribute cash in order to make the partner's capital balances proportionate to the profit and loss ratio. Required: 1. Prepare the necessary journal entries in the books of Tik. 2. Prepare the opening journal entries in the books of the partnership. 3. Prepare the statement of financial position of the newly formed partnership