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Hissolve the partnership firm

Hissolve the partnership firm

FINANCIAL ACCOUNTING
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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The following is the balance sheet of A. B and C who shared profits and losses equally as on 31 December 2021 Liabilities Bank overdraft Account payable Reserve fund Capitals A B C Assets Amount 15,000 Bank 1,800 Account receivable 6,000 Investment Inventory 20.000 Furniture 12000 Premises 14.000 Land c) a) A took over the Land at RO15,000 b) C took over computer at book value. The other assets realized as under:- Account receivable: RO 7.500 Furniture: RO 4,500 Investments: RO 13.500 1. Realization Account 2. Partner's capital Account 3. Cash Account 68,800 It was decided to dissolve the partnership firm on the following terms:- Computer Inventory: RO 15,600 Premises: RO 15,750 d) Realization expenses amounted to RO 500. Prepare: - Amount 6.500 8.600 10,000 13,700 5,100 12,900 11,000 1,000 68,800
Transcribed Image Text:The following is the balance sheet of A. B and C who shared profits and losses equally as on 31 December 2021 Liabilities Bank overdraft Account payable Reserve fund Capitals A B C Assets Amount 15,000 Bank 1,800 Account receivable 6,000 Investment Inventory 20.000 Furniture 12000 Premises 14.000 Land c) a) A took over the Land at RO15,000 b) C took over computer at book value. The other assets realized as under:- Account receivable: RO 7.500 Furniture: RO 4,500 Investments: RO 13.500 1. Realization Account 2. Partner's capital Account 3. Cash Account 68,800 It was decided to dissolve the partnership firm on the following terms:- Computer Inventory: RO 15,600 Premises: RO 15,750 d) Realization expenses amounted to RO 500. Prepare: - Amount 6.500 8.600 10,000 13,700 5,100 12,900 11,000 1,000 68,800
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