Micaella, Bea and James are Friends since their high School. All of them had a Business., they are thinking of combining their business to form one partnership on March 1, 2021. As their accountant you are presented the balance sheet from their different businesses as of December 31, 2020.

MICAELA BEA JAMES Cash P11,000 P22,000 P30,000 Accounts Receivable 200,000 560,000 480,000 Inventories 120,000 260,000 290,000 Land 600,000 450,000 Building 420,000 350,000 Furniture and Fixture 50,000 35,000 55,000 Other assets 2,000 3,600 7,500 Total P983,000 P1,300,600 P1,662,500 Accounts Payable P180,000 P250,000 P280,000 Notes Payable 200,000 345,000 300,000 Micaela's, Capital 603,000 Bea's, Capital 705,600 James's, Capital 1,082,500 Total P983,000 P1,300,600 P1,662,500