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What closing inventory would be reported

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Q1) The total of the partners' capital accounts was P770,000 before the recognition of partnership asset revaluation in preparation for the withdrawal of a partner whose profit or loss sharing is 20%. He was paid P196,000 by the firm in final settlement for his interest. The remaining partners' capital accounts, excluding their share of the asset revaluation, totaled P630,000 after his withdrawal. Find the total asset revaluation of the firm agreed?

Q2. The Coca-Cola has a branch in Calamba. During 2020, the home office shipped to the branch merchandise billed at P150,000 including markup of 20% on cost. The branch reports opening and closing inventories of P90,000 and P120,000, respectively, while the home office has a closing inventories of P210,000 which includes merchandise which are held on consignment valued at P10,000. Both location use the periodic inventory system. What closing inventory would be reported in the combined statement of income for the year 2020?

Reference no: EM132981525

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