Answer the following problems with solution: Use the following information for the next two questions: The statement of financial position of the partnership of A and B as of December 31, 20x1 is shown +below: Cash Accounts receivable Inventory Land Building Equipment Other assets Total assets 33,354 802,426 380,137 603,000 428,267 85,134 5,600 2,337,918 Accounts payable 422,590 Notes payable 545,000 A, capital 641,976 B, capital 728,352 Total liabilities and equity 2,337,918 A and B share in profits and losses equally. . On January 1, 20x2, C informed A and B of his intention to invest in the partnership for a 20% interest. The partners agreed on the following adjustments prior to C's admission: Accounts receivable of P55,000 should be written-off. Inventories of P12,200 are obsolete and have no resale value. The 'Other assets' should be written off. 6. If no bonus is allowed, how much is C's required investment? a. 234,167 b. 324,382 c. 236,347 d. 341,367 7. After C's admission, the partners agreed to adjust their capital balances to reflect their respective interests in the partnership's net assets. Cash settlement is to be made between the partners. How much is the cash settlement? a. P43,188 payment of A to B b. P43,188 payment of B to A c. P34,288 payment of C to A and B d. There would be no cash settlement between the partners. 8. The capital accounts of the partnership of Nakpil, Ortiz, and Perez on June 1, 2005 are presented below with their respective profit and loss ratios: Nakpil Ortiz Perez P 139,200 1/2 208,800 1/3 1/6 96,000 P 444,000 On June 1, 2005, Quizon is admitted to the partnership when he purchased, for P132,000, a proportionate interest from Nakpil and Ortiz in the net assets and profits of the partnership. As a result of a transaction, Quizon acquired a one-fifth interest in the net assets and profits of the firm. Assuming that implied goodwill is not to be recorded, what is the combined gain realized by Nakpil and Ortiz upon the sale of a portion of their interest in the partnership to Quizon? a. 0 b. 43,200 c. 62,400 d. 82,000