Problem 1 Bryan, Roger and Billy form a partnership on May 1, 201X. They agreed that Bryan will contribute office equipment with a total fair value of P48,000; Roger will contribute delivery equipment with a fair value of P96,000; and Billy will contribute cash. If Billy wants a one third interest in the capital and prots, how much cash should he contribute? Problem 2 SS and TT decided to form a partnership on May 201x, asses contributed by the partners are: TT Book value Fair Value Book value Fair value Cash P375,000 P375,000 P875,000 P875,000 Merchandise inventory 95,000 125,000 350,000 312,500 872,500 937,500 3,962,500 2,812,500 Furniture and fixtures Transportation equipment The transportation equipment is subject to a mortgage loan of P1,125,000, which is to be assumed by the partnership. The partnership agreement provides that 88 and TT share profits and losses of 30% and 70% respectively. Assuming that the partners agreed to bring their respective capital in proportion to their prot and loss ratio, using TT capital as base. How much additional cash is to be invested (withdrawn) by 88? Problem 3 Lebron, sole proprietor, agreed to form a partnership with James in a business. Accounts in the ledger for Lebron on November 30, 2010, just before the formation show the following balances: Cash P 26,000 Accounts Payable P 62,000 Accounts Receivable 120,000 Lebron, Capital 264,000 Merchandise Inventory 180,000 It is agreed, for purposes of establishing Lebron's interest, the following adjustments should be made: 1. An allowance for doubtful accounts of 2% of accounts receivable is to be established. 2. The merchandise inventory is to be valued at P202,000. 3. Prepaid expenses of P6,500 and accrued liabilities of P4,000 are to be established. James is to invest sufficient funds in order to receive a 1/3 interest in the partnership. \"null Munh muef lama: nnnl'rihufn