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