On August 1, 2013, Ralph admits Lauren for an interest in his business. On this date, Ralph's capital account shows a balance of P245,000. The terms and agreement of the partners before formation follows: . Ralph's outstanding accounts receivable were P100,000, with related allowance for uncollectible accounts of P5,000. An assessment of collectability of the receivables indicates that 80% of the balance is collectible. The credit balance of P6,000 in the Unearned Interest account in the books of Ralph represents interest collected in advance for six months starting on June, 1, 2013. Of this amount, P2,000 has already been earned as of August 1, 2013. A count of supplies revealed unused supplies approximationg P8,000, which were not recognized in the books of Ralph since the entire amount of supplies purchased during the year was charged to supplies expense. Inventory valuation of Ralph should be increased by P15,000. Equipment account of Ralph should be depreciated by an additional P10,000