a.

) The capital account of the partners after the adjustments

C M
Capital before adjustment P 641,976.00 P 728,352.00
Uncollectible A/R (20,000.00) (35,000.00)
Inventory worthless (5,500.00) (6,700.00)
Other Assets Written Off (2,000.00) (3,600.00)
Capital after the adjustments P 614,476.00 P 683,052.00

b.) How much total assets does the partnership have after formation?
Accounts Receivable 234,536 567,890
Merchandise Inventory 120,035 260,102
Land 603,000 -
Building - 428,267
Furniture and Fixtures 50,345 34,789

C M
Capital before P 641,476.00 P 683,052.00
adjustment
Accounts Payable 178,940.00 243,650.00
Notes Payable 200,000.00 345,000.00
Total Assets of P 993,416.00 P 1,271,702.00 P 2,265,118.00
Partnership