1. On May 1, 2018, the business assets and liabilities of Nathan and Janice were as follows: Nathan Janice P 62,000 P8,000 200,000 120,000 650,000 Cash Receivables 600,000 200,000 535,000 3,000 Inventories Land, Building and Equipment Other Assets 2,000 Accounts payable (180,000) (250,000) Nathan and Janice agreed to form a partnership by contributing their net assets, subject to the following adjustments: Receivables of P 20,000 in Nathan's books and P 40,000 in Janice's books are uncollectible. Inventories ofP 6,000 and P 7,000 in the respective books of Nathan and Janice are worthless Other assets in both books are written off Upon the Partnership's formation: The respective capital of partners Nathan and Janice would be The total assets of the partnership would be: