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Question - Tala admits Baba to a partnership interest in his business. Accounts in the ledger of Tala on January 1, 2019, before the admission of Baba, show the following: Cash-P208,000; Accounts receivable-P460,000; Inventory-P1,440,000; Accounts payable-P496,000. It is agreed that for the purpose of establishing the interest of Tala, the following adjustments shall be made: a) an allowance for bad debts of 5% based on the outstanding accounts receivable is to be established. b) the inventory is to be valued at P1,616,000 c) Prepaid expenses of P72,000 and accrued expenses of P32,000 are to recognized. Baba is to invest sufficient cash for a one-third interest in the partnership. How much is the adjusted capital of Tala? and how much is the investment of Baba?
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