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ABC, a sole proprietor, agreed to form a partnership with EFG in a business. Accounts...

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Accounting

ABC, a sole proprietor, agreed to form a partnership with EFG in a business. Accounts in the ledger for ABC on September 30, 2021, just before the formation show the following balances: Cash Accounts Receivable Merchandise Inventory P 26,000 120,000 180,000 Accounts Payable P 62,000 ABC, Capital 264,000 It is agreed that for purposes of establishing ABCs interest, the following adjustments should be made: An allowance for doubtful accounts of 2% of accounts receivable is to be established. The merchandise inventory is to be valued at P202,000. Prepaid expenses of P6,500 and accrued liabilities of P4,000 are to be established. EFG is to invest sufficient funds in order to receive a 1/3 interest in the partnership. 4. How much must EFG contribute

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