Reference no: EM132802583
Maria admits Daisy as a partner in the business. Financial position accounts of Maria on September 30, just before admission of Daisy show:
Cash, P52,000;
Accounts Receivable, P240,000;
Merchandise Inventory, P360,000;
Accounts Payable of P124,000.
It is agreed that for purposes of establishing Maria's interest, the following adjustments shall be made:
(1) An allowance for doubtful accounts of 3% is to be established
(2) Merchandise inventory is to be adjusted upward by P50,000 and
(3) Prepaid expenses of P7,000 and accrued liabilities of P8,000 are to be recognized.
Problem 1: Daisy is to invest sufficient cash to obtain 2/5 interest in the partnership. How much Daisy must contribute to the new partnership?
A. P190,000
B. P352,960
C. P379,867
D. P380,000
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