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Determine the initial or the adjusted capital of Mike in the partnership. Determine the initial...

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Accounting

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Determine the initial or the adjusted capital of Mike in the partnership. Determine the initial or the adjusted capital of Anne in the partnership. On May 1, 2020, the business assets and liabilities of Mike and Anne appear below: Mike Anne Cash 28,000 P62,000 Accounts Receivable 200,000 600,000 Inventories 120,000 200,000 Land 600,000 Building 500,000 Furniture and Fixtures 50,000 35,000 2,000 3,000 Accounts Payable 180,000 250,000 Notes Payable 200,000 350,000 Capital Other assets ? 7 Mike and Anne agreed to form a partnership contributing their respective assets and equities subject to the following adjustments: Accounts receivable of P20,000 in Mike's books and P40,000 in Anne's books are uncollectible: Inventories of P6,000 and P7,000 are worthless in Mike's and Anne's respective books; Other assets of P2,000 and P3,000 in Miko's and Anne's respective books are to be written-off

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