Question: Hello can someone help me to answer this correctly? thank you in advance. your help is highly appreciated If your answer came up with a

Hello can someone help me to answer this correctly? thank you in advance. your help is highly appreciated

If your answer came up with a decimal, use two (2) decimal places only

Hello can someone help me to answer this
Magnus Opus Partnership On June 30, Max and Chub formed a partnership called "Magnus Opus Partnership". The partners agreed to invest equal amounts of capital. Max invested his proprietorship's assets and liabilities as follows: Max's Book Book Value Fair Market Value Accounts Receivable P 72,000 P 72,000 Allowance for Uncollectible Accounts 10,500 On June Merchandise Inventory 223,400 241,000 30 Prepaid Expenses 17,000 17,000 Chub invested Office Equipment 459,000 276,000 cash in an Accumulated Depreciation 153,000 amount Accounts Payable 191,000 191,000 equal to the current market value of Max's partnership capital. Max, the managing partner, would earn two- thirds of partnership profits. Chub agreed to accept one-third of the profits. During the remainder of the year, the partnership earned P450,000. The temporary withdrawals of Max and Chub were P352,000 and P230,000, respectively. Questions 1. How much is the adjusted asset of Max? 2. How much is the total asset of the partnership on June 30? How much cash investment did Chub made? How much is the total cash of the partnership on June 30? How much is the total capital of the partnership on June 30? 6. How much is the share of Max in the net income of the partnership? 7. How much is the share of Chub in the net income of the partnership? 8. How much is the new capital of Max after the closing of nominal accounts? How much is the new capital of Chub after the closing of nominal accounts? 10. How much is the adjusted capital of the partnership after the closing of nominal accounts

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