16:37 < 150 Vo Vo 4G LTE LTE 81% 同 amount payable to partners would be known. The amount to the credit of partners will be equal exactly to the cash in hand and the cash will be distributed among the partners according to figure how resulting' each calculation of maximum loss whenever an installment of cash is distributed according to this method. YMB.Asanka Manawansha / BBA 12023/Dissolution of Partnership Firms Page 4 Dissolution of partnerships 2022/2023 Example 01: A, B and C who are partners of the partnership firm. They are sharing profits and losses in the ratio of 2:2:1 respectively. The following is the Statement of Financial Position of partnership firm as at 31st March 2023. Assets Non-Current Assets Land and Buildings Plant Furniture Motor Vehicle Rs. Million Rs. Million 900 600 50 200 1,750 Current Assets Inventories Accounts receivable (-) Provisions for doubtful debts Cash at Bank Total Assets Equity and Liabilities Capital Accounts - A B с Profit and loss Account Loan from C Current Liabilities Accounts payable Total equity and liabilities The following are the additional information. 1. The partners have decided dissolve the partnership on 01st April 2023. 500 500 (50) 50 1,000 2,750 600 500 400 1,500 300 450 500 2,750 2. Inventories and Motor vehicles were sold at the book value. 3. Accounts receivable realized at Rs.350 million and Plant at Rs.500 million. 4. Land and Building realized at Rs. 1,300 million and furniture was taken over by partner A at an agreed value of Rs. 40 million. 5. Accounts payable were paid off at a discount of 10% and the expenses of realization amounted to Rs.20 million Required: Prepare the related ledger accounts for dissolution of the partnership. Example 02: Akila, Bimal and Chamal who are partners of the partnership firm sharing profits and losses in the ratio of 2:2:1 respectively. They decide to dissolve the partnership on 01st April 2023. The Statement of Financial Position of the firm as at 31st March 2023 as follows; YMB.Asanka Manawansha / BBA 12023/Dissolution of Partnership Firms Page 5 A A Τ ☐ Edit Annotate Fill & Sign Convert All
16:37 < 150 Vo Vo 4G LTE LTE 81% 同 amount payable to partners would be known. The amount to the credit of partners will be equal exactly to the cash in hand and the cash will be distributed among the partners according to figure how resulting' each calculation of maximum loss whenever an installment of cash is distributed according to this method. YMB.Asanka Manawansha / BBA 12023/Dissolution of Partnership Firms Page 4 Dissolution of partnerships 2022/2023 Example 01: A, B and C who are partners of the partnership firm. They are sharing profits and losses in the ratio of 2:2:1 respectively. The following is the Statement of Financial Position of partnership firm as at 31st March 2023. Assets Non-Current Assets Land and Buildings Plant Furniture Motor Vehicle Rs. Million Rs. Million 900 600 50 200 1,750 Current Assets Inventories Accounts receivable (-) Provisions for doubtful debts Cash at Bank Total Assets Equity and Liabilities Capital Accounts - A B с Profit and loss Account Loan from C Current Liabilities Accounts payable Total equity and liabilities The following are the additional information. 1. The partners have decided dissolve the partnership on 01st April 2023. 500 500 (50) 50 1,000 2,750 600 500 400 1,500 300 450 500 2,750 2. Inventories and Motor vehicles were sold at the book value. 3. Accounts receivable realized at Rs.350 million and Plant at Rs.500 million. 4. Land and Building realized at Rs. 1,300 million and furniture was taken over by partner A at an agreed value of Rs. 40 million. 5. Accounts payable were paid off at a discount of 10% and the expenses of realization amounted to Rs.20 million Required: Prepare the related ledger accounts for dissolution of the partnership. Example 02: Akila, Bimal and Chamal who are partners of the partnership firm sharing profits and losses in the ratio of 2:2:1 respectively. They decide to dissolve the partnership on 01st April 2023. The Statement of Financial Position of the firm as at 31st March 2023 as follows; YMB.Asanka Manawansha / BBA 12023/Dissolution of Partnership Firms Page 5 A A Τ ☐ Edit Annotate Fill & Sign Convert All
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
How to calculate dissolution in partnership firm account
Transcribed Image Text:16:37
<
150
Vo
Vo
4G
LTE
LTE
81%
同
amount payable to partners would be known. The amount to the credit of partners will be equal exactly
to the cash in hand and the cash will be distributed among the partners according to figure how
resulting' each calculation of maximum loss whenever an installment of cash is distributed according
to this method.
YMB.Asanka Manawansha / BBA 12023/Dissolution of Partnership Firms
Page 4
Dissolution of partnerships 2022/2023
Example 01: A, B and C who are partners of the partnership firm. They are sharing profits and losses
in the ratio of 2:2:1 respectively. The following is the Statement of Financial Position of partnership
firm as at 31st March 2023.
Assets
Non-Current Assets
Land and Buildings
Plant
Furniture
Motor Vehicle
Rs. Million
Rs. Million
900
600
50
200
1,750
Current Assets
Inventories
Accounts receivable
(-) Provisions for doubtful debts
Cash at Bank
Total Assets
Equity and Liabilities
Capital Accounts - A
B
с
Profit and loss Account
Loan from C
Current Liabilities
Accounts payable
Total equity and liabilities
The following are the additional information.
1. The partners have decided dissolve the partnership on 01st April 2023.
500
500
(50)
50
1,000
2,750
600
500
400
1,500
300
450
500
2,750
2. Inventories and Motor vehicles were sold at the book value.
3. Accounts receivable realized at Rs.350 million and Plant at Rs.500 million.
4. Land and Building realized at Rs. 1,300 million and furniture was taken over by partner A at
an agreed value of Rs. 40 million.
5. Accounts payable were paid off at a discount of 10% and the expenses of realization amounted
to Rs.20 million
Required: Prepare the related ledger accounts for dissolution of the partnership.
Example 02: Akila, Bimal and Chamal who are partners of the partnership firm sharing profits and
losses in the ratio of 2:2:1 respectively. They decide to dissolve the partnership on 01st April 2023.
The Statement of Financial Position of the firm as at 31st March 2023 as follows;
YMB.Asanka Manawansha / BBA 12023/Dissolution of Partnership Firms
Page 5
A
A
Τ
☐
Edit
Annotate
Fill & Sign
Convert
All
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