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Problem 1: Sunny admits Yoona for a partnership interest in her business. The balances of the accounts of Sunny on July I, 2013 prior to the admission of Yoona are as follows: Accounts Receivable, P480,090, Merchandise Inventory, P720,000, Accounts Payable, P248,000, and a certain amount of cash. It was agreed that for purposes of establishing Sunny's interest, an allowance for uncollectible accounts of 25% of necounts receivable is to be established. Also, the merchandise inventory is to be valued at P800,000. Lastly, prepaid expenses of P10,000 is to be recognized. Yoona invested cash of P565,640 to give her a third interest in the total capital of the firm. 26. The capital balance of Sunny before Yoona's admission is .
Option 1: P1, 056,880
Option 2: P1, 150,000
Option 3: P1.136.400
Option 4: P1.252,500
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