REQUIREMENTS:

Determine the total liabilities of the partnership immediately after its formation?

Determine the total assets of the partnership after its formation?

Use the following information to answer questions 11-12: On March 1, 2020, Jesse and James decide to combine their businesses and form a partnership. Their balance sheets on the same date, before adjustments, showed the following: Accounts Receivable Inventories Furniture and Fixture, net Office Equipment, net Prepaid Insurance Total Jesse James P 18,000 P 7,500 37,000 27,000 60,000 39,000 60,000 18,000 23,000 5,500 12,750 6,000 P210,750 P103,000 Accounts Payable Capital Total P 91,500 P 36,000 119,250 67,000 P210,750 P103,000 They agreed to have the following items recorded in their respective books: Provide 2% allowance for doubtful accounts based on Accounts Receivable. Jesse's furniture and fixture should be valued at 262,000, while James' office equipment is under-depreciated by P500. Rent expense previously incurred by Jesse was not recorded amounting to P2,000, while salary expense incurred by James was not recorded amounting to P1,600, d The market values of the inventories amounted to P59.000 and +2.000 for lesse and James, respectively