Question: On July 1 , 2 0 1 6 , Chris and Topher decided to form a partnership called TOPS & Co . with Chris

On July 1,2016, Chris and Topher decided to form a partnership called "TOPS & Co." with Chris
investing his business and Topher investing cash for 60% interest in the partnership. The trial
balance of Chris on June 30 showed the following:
The following conditions were agreed upon:
a. Accounts Receivable of P6,000 should be written off.
b. Furniture acquired 5 years ago have an estimated value of P4,000
c. The customer's
On July 1,2016, Chris and Topher decided to form a partnership

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