4. On September 1, 2012, the business assets and liabilities of Amor and Baby were as follows:

Amor Baby

Cash P P

28,000 62,000 Accounts Receivable 200,000 600,000

Inventories 120,000 200,000

Land 600,000 - Building - 500,000

Furniture and Fixture 50,000 35,000

Other Assets 2,000 3,000

Accounts Payable 180,000 250,000

Notes Payable 200,000 350,000

Amor and Baby agreed to form a partnership contributing their respective assets and liabilities subject to the following agreements:

Accounts receivable of P20,000 in Amor's books and P40,000 in Baby's books are uncollectible;

Inventories of P6,000 and P7,000 are obsolete in Amor's and Baby's respective books;

Other assets of P2,000 and P3,000 in Amor's and Baby's respective books are to be written off;

Accrued expenses of P2,000 and P5,000 in Amor's and Baby's books are to be recognized;

Bonus is to be recognized to equalize their capital accounts after the above adjustments.

Determine the amount of bonus to be recognized in order to equalize their capital accounts.