Accounts Payable 150,000 320,000 Heckel, Capital 676,000 Jeckel, Capital 726,000 Total 826,000 1,046,000 The partners agreed that the property, plant and equipment of Heckel and Jeckel were overvalued by P35,000 and P60,000, respectively. An allowance for uncollectible accounts of P150,000 and P80,000 shall be recognized in the books of Heckel and Jeckel, respectively. The capital contribution of each partner is the ne amount of the assets contributed to and liabilities taken over by the partnership. 13.What would be the total partners' equity immediately after the formation of the partnership? 14. How much cash should Heckel invest if the partnership agreement provides capital balances proportionate to profit and loss sharing ration of 3:2 to Heckel and Jeckel, respectively, using the adjusted capital of Jeckel as the base