Reference no: EM132825301
Question - Pedro admits Takyo as a partner in business. Accounts in the ledger for Pedro on November 30, 2016, just before the admission of Takyo, show the following balances:
?Cash???? P26,000 ?Accounts payable?? P62,000
?Accounts receivable?? 120,000 ?Pedro, capital??? 264,000
?Merchandise inventory?? 180,000?
It is agreed that for purposes of establishing Pedro's interest the following adjustments should be made:
?1. An allowance for doubtful accounts of 2% of accounts receivable is to be established.
?2. The merchandise inventory is to be valued at P202,000.
?3. Prepaid expenses of P6,500 and accrued liabilities of P4,000 are to be established.
?Takyo is to invest sufficient funds in order to receive a 1/3 interest in the partnership. How much must Takyo contribute?
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