Question 2Brown, Blue, and Black are in partnership sharing profit and losses in the ratio 2:1:2. Thebalance sheet for the partnership as of April 15, 2019, was as follows:$Non-current assetsLandBuildingsEquipmentCurrent assetsInventoryAccounts receivableCashTotal assetsCapital accountBrownBlueBlackNon-current liabilitiesMortgage on buildingCurrent liabilitiesAccounts payableTotal liabilities360,0001,260,000234,000108,00045,00036,000315,000108,000450,0001,080,00090,000$1,854,000Required:Prepare the following ledger accounts for the dissolution of the partnership:a) Realization accountb) Bank accountc) Partner's capital account189,0002,043,000873,0001,080,00090,0002,043,000The partners agreed to dissolve the partnership on April 15, 2019 on the followingconditions:Sold the inventory for $72,000, collected $48,000 on accounts receivable and wrote off theremaining accounts, sold equipment for $192,000 and building and land for $1,200,000, thebuyer taking over the mortgage on the building.

Realisation AccountParticulars $Particulars$To Land $ 360,000 By Mortgage on building $…

Brown, Blue, and Black are in partnership sharing profit and losses in the ratio 2:1:2. The balance sheet for the partnership as of April 15, 2019, was as follows: $ Non-current assets Land Buildings Equipment Current assets Inventory Accounts receivable Cash Total assets Capital account Brown Blue Black Non-current liabilities Mortgage on building Current liabilities Accounts payable Total liabilities 360,000 1,260,000 234,000 108,000 45,000 36,000 315,000 108,000 450,000 1,080,000 90,000 $ 1,854,000 189,000 2,043,000 873,000 1,080,000 90,000 2,043,000

Brown, Blue, and Black are in partnership sharing profit and losses in the ratio 2:1:2. The balance sheet for the partnership as of April 15, 2019, was as follows: $ Non-current assets Land Buildings Equipment Current assets Inventory Accounts receivable Cash Total assets Capital account Brown Blue Black Non-current liabilities Mortgage on building Current liabilities Accounts payable Total liabilities 360,000 1,260,000 234,000 108,000 45,000 36,000 315,000 108,000 450,000 1,080,000 90,000 $ 1,854,000 189,000 2,043,000 873,000 1,080,000 90,000 2,043,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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