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May and Jun are partners who have capital balances of P1,000,000 and P800,000 and share profits 60:40 respectively. They agreed to admit Julie as a

May and Jun are partners who have capital balances of P1,000,000 and P800,000 and share profits 60:40 respectively. They agreed to admit Julie as a partner upon her contribution of P600,000. One-fourth of the capital balances of the old partners were transferred to the new partner Julie with May and Jun dividing the cash between themselves.

How much is the total amount of cash received by May from Julie upon her admission as partner in the partnership?

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