On May 1, 2018, the business assets and liabilities of Nathan and Janice were as follows: Nathan Janice Cash P.18.000 P 60.000 Receivables 250.000 650,000 180,000 Inventories 150,000 600,000 Land, Building and Equipment 500.000 Other Assets 2.000 3,000 Accounts payable (200,000) (300,000) Nathan and Janice agreed to form a partnership by contributing their net assets, subject to the following adjustments, Accounts payable (200,000) (300,000) 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 of P 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