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Lourdes and Bernadette individually have been in the catering service business for several years. On...

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Accounting

Lourdes and Bernadette individually have been in the catering service business for several years. On January 2, 2023, they decided to form a partnership to avoid competition since their business operates in the same locality. Prior to the formation of the two businesses, Lourdes and Bernadette revalued all their existing assets and liabilities. By the time they decided to form the new business venture, they just simply need to close their existing business and invest the same to L & B Catering Services to become partners sharing profits and losses equally. The following are the account balances in their individual books after the revaluations have been recorded. Lourdes Bernadette ASSETS P 125,650 P 182,500 Cash Accounts Receivable 72,500 61,250 Allowance for Doubtful Accounts (8% of (5,800) (4,900) Receivable) Catering Supplies Inventory 13,450 10,450 Catering Utensils and Equipment 352,500 285,000

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