After the first quarter of the current year, Joy and Lucy, both proprietors, decide to combine their businesses and created a partnership. Prior to the partnership formation, their balance sheets show the following balances Joy Lucy Cash Accounts Receivable Allowance for Doubtful Accounts Inventoreis Store Equipment Accumulated Depreciation-S. Equipment Delivery Equipmet Accumulated Depreciation- Del. Equipment Furniture Accounts Payable Notes Payable Capital The partners agreed on the following adjustments to their books: P 20,000 P 25,000 30,000 2,500 145,650 55,000 5,000 150,000 50,000 5,000 10,000 35,000 10,000 230,000 80,000 16,000 7,500 50,000 20,000 199,650 1. Both their Allowance for Doubtful Accounts will be increased by 4% of Account Receivable 2, Joy's inventories will be valued at P 145,000 while that of Lucy will be reduced by 10%. 3. Store Equipment will be taken in the partnership books at book value 4. The Delivery Equipment and its contra-account will be taken up as is in the partnership books. 5. The furniture will be taken at P8,000 and P5,000, respectively 6. Joy and Lucy will make an additional cash investment that will make their contributions equal to P250,000 each. 7. They also agreed that a new set of books will be used by the partnership Instructions Complete the following table to reflect the adjusted capital balances of both partners Joy ucy Capital Balances before adjustment Add (Deduct) adjustments 4% increase in allowance for doubtful Accounts Adjusted Capital Business before a Required Capital Balances