John and Paul formed a partnership on October $31,2023.$ The partners agree that John will contribute his sole proprietorship business while Paul will contribute P$100,000$ cash and equipment with a book value of P$800,000$ and fair value of P$750,000.$ The statement of financial position of John is shown below: Cash Notes Receivable Accounts Receivable Allowance for Doubtful Accounts Inventory Furniture and Fixtures Accumulated Depreciation $$ Furniture and Fixtures Total Accounts Payable Notes Payable John, Capital Total $240,000150,000900,000(60,000)240,000720,000(180,000)2,010,000300,000630,0001,080,0002,010,000$ They also agree on a $60$:$40$ profit and loss ratio and the following adjustments will be made on the books of John. $$ The inventory is to have an appraised value of P$250,000$ as per independent appraiser chosen by the partners. $$ The allowance for doubtful accounts should be $10\%$ of the accounts receivable. $$ Interest of $6\%$ accrued on notes receivable. The note is dated July $1,2023.$ Interest of $10\%$ accrued on notes payable. The note is dated March $31,2023.$ The furniture and fixtures are $1/3$ depreciated. $$ The accounts payable is not assumed by the partnership. Required: $1.$ What is the capital of John after formation of the partnership? $2.$ Assuming the partners agreed to have $55$:$45$ profit and loss ratio. How much should be the additional cash investment or withdrawals of Paul so that their capital balance conforms to their profit and loss ratio?