Question: . the given INDEPENDENT CASE. Please provide solutions using your worksheets. Double rule your final answers and copy on the space specified in the answer

the given INDEPENDENT CASE. Please provide solutions using your worksheets. Double rule your final answers and copy on the space specified in the answer sheet the amounts of your final answers. NOSOLUTION, NO,CREDIT. A and B Company has total partnership capital of amounting to P1,000,000. Partners A and B shares profits 40:60. Partner C is to be admitted and will contribute net assets with a fair value of P500,000. An appraisal of existing partnership assets indicates that Accounts Receivable is overstated by P10,000, Merchandise Inventory is overstated by P12,000, and the asset Land is understated by P25,000. What is the total capital of the new partnership after the admission of Partner C

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