Reference no: EM133121359
Question - The following data as of June 1, 2021 were taken from the records of Vivo:
Cash 21,000
Accounts Receivable 244,536
Inventories 130,035
Furniture & Fixtures 60,345
Land 613,000
Other assets 12,000
Accounts Payable 188,940
Notes Payable 210,000
Vivo, capital 681,976
And the following accounts and balances were taken from the records of Eloi:
Cash P 32,354
Accounts Receivable 577,890
Inventories 270,102
Furniture and Fixtures 44,789
Building 438,267
Other Assets 13,600
Accounts Payable 253,650
Notes Payable 355,000
Eloi, capital 768,352
Vivo and Eloi agreed to form a partnership by contributing their respective assets and equities subject to the following adjustments:
a) Inventories of P6,500 and P6,700 are worthless in Vivo's and Eloi's respective books.
b) Accounts Receivable of P25, 000 Vivo's books and P30, 000 in Eloi's book are uncollectible
c) Other assets of P4,000 and P6,000 in Vivo and Eloi's respective books are to be written off.
How much total assets does the partnership have?
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