Problem #6 parthership wherein they will divide profits in the ratio of 40:60, respectively. The statement of financial position of Tolentino is as follows: Tolentino Marketing Statement of Financial...

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Extracted text: Problem #6 parthership wherein they will divide profits in the ratio of 40:60, respectively. The statement of financial position of Tolentino is as follows: Tolentino Marketing Statement of Financial Position April 8, 2018 Assets P 4,000 Cash P160,000 16,000 Accounts Receivable 144,000 Less: Allowance for Uncollectible Accounts 200,000 Inventory Equipment Less: Accumulated Depreciation P 50,000 10,000 40,000 Total Assets P388,000 Liabilities and Capital Accounts Payable Tolentino, Capital Total Liabilities and Capital P 36,000 352,000 P388,000 Conditions agreed upon before the formation of the partnership: The accounts receivable of Tolentino is estimated to be 70% realizable. b. The accumulated depreciation of the equipment will be increased by P10,000. The accounts payable will be assumed by the partnership. d. The capital of the partnership is based on the adjusted capital balance of Tolentino. Tan is to contribute cash in order to make the partner's capital balances а. С. proportionate to the profit and loss ratio. Required: 1. Prepare the necessary journal entries in the books of Tolentino. 2. Prepare the opening journal entries in the books of the partnership.