Question: (5 marks) QUESTION 2 Total: 25 marks Sofea & Co. established few years ago founded by Sofea and Amanda. The business went well until

(5 marks) QUESTION 2 Total: 25 marks Sofea & Co. established few years ago founded by Sofea and Amanda. The business went well until

(5 marks) QUESTION 2 Total: 25 marks Sofea & Co. established few years ago founded by Sofea and Amanda. The business went well until recently, due to economic downturn the business suffered a heavy loss. Due to this, they decide to dissolve their partnership. Profit and loss from the business is shared equally among them. The following summarized Statement of Financial Position of the partnership as at 31 December 2019. Building (Net) Motor vehicle (Net) Equipment (Net) RM RM 20,000 120,000 5,500 Inventory 60,500 Accounts receivable 80,000 Less: Allowance for doubtful debts (4,000) Net receivable 76,000 Cash 50,000 332,000 Continued... IRW/MAM 1/5 Cap Am - 0

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