Question 2 On March 15, 2014, Edgar admits Danny for an interest on his business. On this date, Edgar's capital accounts show a balance of P158, 400. The following were agreed upon before the...

Extracted text: Question 2 On March 15, 2014, Edgar admits Danny for an interest on his business. On this date, Edgar's capital accounts show a balance of P158, 400. The following were agreed upon before the formation of the partnership: a) Prepaid expenses of 17,500 and accrued expense of P5,000 are to be recognize b) 5% of the outstanding accounts receivable of Edgar amounting to P100,000 is to be recognize as uncollectible. c) Danny is to be admitted with 1/3 interest in the firm and is to invest cash aside from the P50,000 worth of merchandise. The total capital of the partnership is? How much cash is to be invested by Danny?