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Question - Partners Hermie and Bhert engaged into a business together and share profits and losses 5:6. Total assets after formation are P1,500,000. Bhet's capital before formation is P450,000. It is agreed by both that all of their liabilities will be assumed by the partnership and only the following are not reflected at fair value in Bhert's books. Bhert's equipment should be valued to a quarter of its historical cost. Equipment's carrying amount is P250,000 and its accumulated depreciation is P50,000. Bhert's accounts payable is also understated by P18,500. After adjustments, Hermie's capital is twice as much as Bhert's capital. The liabilities carried forward to the partnership books for Bhert amount to P375,000. Hermie's contribution is cash and building. What is the amount of total assets of Hermie after formation?
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