The balance sheet of South Company on November 30, 2019 before accepting East as his partner to form SouthEast Partnership is presented below:

South

Balance Sheet

As of November 30, 2019

Assets

CashP120,000

Accounts receivableP48,000

Less: Allowance for doubtful accounts3,00045,000

Notes receivable60,000

Merchandise inventory27,000

EquipmentP72,000

Less: Accumulated depreciation6,00066,000

Total assetsP318,000

Liabilities and Capital

Accounts payableP12,000

Notes payable60,000

H, capital246,000

Total liabilities and capitalP318,000

It is agreed that for purposes of establishing South’s interest the following adjustments shall be made:

1. The accounts receivable is estimated to be 90% realizable.

2. Interest at 8% on notes receivable dated March 1, 2019 is to be accrued.

3. The merchandise inventory is to be valued at P21,000.

4. The equipment is under-depreciated by P4,800.

5. Prepaid expenses of P2,400 and accrued expenses of P7,200 are to be recognized.

East is to invest cash equal to a one-third interest in the partnership.

What is the amount presented under the Cash account upon formation of the partnership?

What is the amount presented for South’s capital upon formation of the partnership?

What is the amount presented for East’s capital upon the formation of the partnership?

Under an independent assumption, if it was agreed that the partners are to have equal capital interests using the bonus method regardless of the partners’ investments, what is the amount of bonus given to East?