PLEASE ANSWER THIS AND GIVE A SOLUTION IN A PARTNERSHIP FOR

PLEASE ANSWER THIS AND GIVE A SOLUTION IN A PARTNERSHIP FORMATION… PLEASE ANSWER THIS AND GIVE A SOLUTION IN A PARTNERSHIP FORMATION (with Explanation) 1. Red, White, and Blue form a partnership on May 1, 2008. They agree that Red will contribute office equipment with a total fair value of P40,000; White will contributedelivery equipment with a fair value of P80,000; and Blue will contribute cash. If Blue want a one-third interest in the capital and profits, how much should he contribute?  2. On May 1, 2008, Jose and Pedro formed a partnership and agreed to share profits and losses in the ratio of 3:7, respectively. Jose contributed a computer that cost him P50,000.Pedro contributed P200,000 cash. The computer was sold for P55,000 on May 1, 2008 immediately after the formation of the partnership. What amount should be recorded in Jose’s capital account on formation of the partnership?  3. Minipao and Siopao formed a partnership with each contributing the following assets at the indicating market value: MinipaoSiopaoCashP20,00040,000Machinery and equipment 30,000 Land     200,000Building 60,000Office furniture 30,000  The partners agree to share profits in the ratio of one-fourth to Minipao and three-fourths to Siopao. Assume that Siopao’s land and building are subject to a mortgage loan of P120,000 that the partnership will assume, the partner’s capital accounts should have the following initial balances:  4. Scooby admits Scrappy as a partner in the business.  Balance sheet accounts of Scooby on September 30, just before the admission of Scrappy show:???Cash????                              P 2,600???Accounts receivable??              12,000???Merchandise inventory??           18,000???Accounts payable ???                 6,200???Scooby, capital????                    26,400 It is agreed that for purposes of establishing Scooby’s interest, the following adjustments shall be made: a. An allowance for doubtful accounts of 2% is to be established.b. Merchandise inventory is to be valued at P20,200.c. Prepaid expenses of P350 and accrued expenses of P400 are to be recognized. Scrappy is to invest sufficient cash to obtain a 1/3 interest in the partnership. How much is Scrappy’s investment to the partnership?   Accounting Business Financial Accounting ACCOUNTING 305

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