31 On December 31, 2018, the unadjusted Statement of Financial Position of LAV Partnership shows...
70.2K
Verified Solution
Link Copied!
Question
Accounting
31 On December 31, 2018, the unadjusted Statement of Financial Position of LAV Partnership shows the following data with profit and loss sharing agreement of 2:3:5. Total Assets 100,000 Total Liabilities 40,000 Lorna 10,000 Amy 20,000 Veronica. 30,000 On December 31, 2018, Lorna decided to retire from the partnership. However, before the distribution of cash to Lorna, the following data errors were discovered during the pre-retirement audit: . During the year, machinery was over depreciated by P15,000. The net income for the year is overstated by P5,000. After the adjustment, Lorna received P15,000 for her capital interest. What is the capital of Amy after Lorna's retirement? A. 27,500 B. 23,000 C. 21,875 D. 20,000
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
