Question: solution Numbers 11 - 14 are based on the following: Amanda and Amity are partners and share profits and losses in a ratio of 3

solution Numbers 11 - 14 are based on the following: Amanda

solution

Numbers 11 - 14 are based on the following: Amanda and Amity are partners and share profits and losses in a ratio of 3 : 2 respectively. Account balances show the following: Cash P100,000 (Dr) Non-cash Assets P400,000 (Dr) Liabilities P300,000 (Cr) Amanda Capital P100,000 (Cr) Amity Capital P100,000 (Cr) 11. If the non-cash assets are sold for P500,000 then Amanda's capital account will a. increase by P60,000. b. increase by P50,000. C. decrease by P60,000. d. decrease by P50,000. none of the above. e e

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