Question 18 of 18 The statement of financial position as of December 31, 202A for the business owned by Pirena shows the following assets and liabilities: Cash P2.500 Accounts receivable 10.000 Merchandise inventory 15,000 Fixtures 18,000 Accounts payable 5,000 It is estimated that 5% of the receivables may prove uncollectible Merchandise inventory includes obsolete items costing P5,000 of which P2.000 might be realized. Depreciation has never been recorded the futures are two years old, have an estimated useful life of 10 years, and would cost P20,000 of currently purchased Amihan is to be admitted as a partner upon her investment of P20.000 cash and P10,000 worth of merchandise. What is the total assets of the partnership? Selected answer. No answer given A) P70,500 B) P68.000 C) P67.500 D) P74,000 Question 15 of 18 On August 1, 202A, Marga and Cassie formed a partnership and agreed to share profits and losses in the ratio of 3:7, respectively. Marga contributed a computer that cost her P50,000 Cassie contributed P200,000 cash. The computer was sold for P55,000 on August 1, 202A immediately after the formation of the partnership. What amount should be recorded in Marga's capital account on formation of the partnership? You chose: C) Note: This question displayed answers in random order during the test A) P55,000 B) P51,500 X C) P60,000 D) P50,000