Shaman: Dvun Jean Cash P 25.000 P 30.000 Noncash assets 150.0\") 220.000 Accoums Payable 00.0w 45.000 Notes Payable [Ill000 Equity 1 15.000 105.000 The partners agreed that capital and profit or loss ratio will be 50:50, and that additional investment is to be made to raise the total capital to P250,000. Noncash assets should be adjusted to their market values of P120,000 to Sharmaine, and P190,000 to Dyan Jean. Unrecorded liabilities in the books of Sharmaine amounting to P5,000 and accrued interest on notes payable of Dyan Jean in the amount of P5,000 is to be recognized. Prepaid rent in the books 0d Dyan Jean amounting to P6,000 is to be recorded. 22. The amount invested by Sharmaine to conform with the agreement without tax consideration is 23. The amount to be invested by Dyan Jean so that their capital will conform with the agreement considering a tax rate of 30% is Problem 12 At the start of 2012, Manny and Kimby formed a partnership with each contributing P100,000. They agreed that profits will be divided equally, but in case of losses, Manny, the manager, will only share up to 30% after allowing 10% interest on their average capital. During 2013, the following changes are presented as follows: Mann Kimh January 1 100.000 [00.000 Ann] 1 50.000 July 1 30.000 70.000 September 1 30.000 Odour I 20.000 I 10.000 The first year of operations resulted to a loss of P80,000. 24. The average capital of Kimby amounts to 25. At the end of 2013, the capital of Manny will reflect Problem 13 Sunny admits Yoona for a partnership interest in her business. The balances of the accounts of Sunny on July 1, 2013 prior to the admission of Yoona are as follows: Accounts Receivable, P480,000; Merchandise Inventory, P720,000; Accounts Payable, P248,000, and a certain amount of cash. It was agreed that for purposes of establishing Sunny's interest, an allowance for uncollectible accounts of 25% of accounts receivable is to be established. Also, the merchandise inventory is to be valued at P800,000. Lastly, prepaid expenses of P10,000 is to be recognized. Yoona invested cash of P568,640 to give her a third interest in the total capital of the firm. 5': Tha (\"nail-3| halanrn I'VF Cllnr\": haFnl-a Vnnna'c amiccinn I'c