13. A business owned by partner A was short of cash and decided to form a partnership with partner B who was able to contribute cash twice the interest of partner A in the new partnership. The assets contributed by partner A appears as follows in the statement of financial position of his business: cash, P10,000; accounts receivable, P179,000 with allowance for uncollectible accounts of P5,000; merchandise inventory, P420,000, accounts payable, P20,000; and store equipment, P150,000 with accumulated depreciation of P15,000.

Both partners agreed that the allowance for uncollectible accounts was inadequate and should be P10,000. They also agreed that the fair value for the inventory is P450,000 and for the store equipment is P130,000.

What is the total capital of the partnership?