Halion 2-15 The post-closing trial balance of Juditha Papasin is presented below: P 80,000 100,000 Cash Accounts Receivable Allow. for Doubtful Accounts Merchandise Accounts Payable J. Papasin, Capital P 15,000 175,000 60,000 280,000 P355.000 P355.000 Nestor Mariquit a rich jeweler from Bohol, offers to invest cash of P200,000 and an equipment costing P70,000 (fair market value of P80,000) under the following conditions: a. The Accounts Receivable shall be the burden of Papasin for collection and shall not form part of his investment in the partnership. b. The Accounts Payable shall not be carried in the book of the partnership and will be treated as personal liability. c. Papasin may withdraw or contribute cash to make her capital balance equal to one-half of Mariquit's offered investment. Required: 1. Determine the amount of cash that Papasin should add or withdraw from the proposed partnership to meet one of the conditions. 2. Adjusting entries in the book of Papasin. 3. Give the journal entries to open the book of the partnership showing the partner's respective contributions