Paul admits Timothy as a partner in business. Accounts in the ledger for Paul on November 30, 2022, just before the admission of Timothy, show the following balances:

Cash

P 26,000

Accounts payable

62,000

Accounts receivable

120,000

Paul, Capital

264,000

Merchandise inventory

180,000

It is agreed that for purposes of establishing Paul's interest the following adjustments should be made:

An allowance for doubtful accounts of 2% of accounts receivable is to be established. The merchandise inventory is to be valued at P202,000. Prepaid expenses of P6,500 and accrued liabilities of P4,000 are to be established. Timothy is to invest sufficient funds in order to receive a 1/3 interest in the partnership. How much must Timothy contribute?