Jennifer and Robert are partners who are changing their profit and loss ratios from 60/40...
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Accounting
Jennifer and Robert are partners who are changing their profit and loss ratios from 60/40 to 45/55. At the date of the change, the partners choose to revalue assets with market value different from book value. One asset revalued is land with a book value of P50,000 and a market value of P120,000. Two years after the profit and loss ratio is changed, the land is sold for P200,000. What is the amount of change to Jennifer's capital account at the date the land is revalued?
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