pel, Ere and Inie have been in partnership since school days, sharing profits and losses in the ratio 3:2:1. On 31/12/2020, they have decided to dissolve their partnership. Below is their last statement of financial position prior to dissolution of
Apel, Ere and Inie have been in
Statement of financial position as at 31/12/2020.
Non-current asset.
Premises 150000
Machinery 36000
Motor vehicles 14000
200,000
CURRENT ASSETS
Inventory 11000
Trade receivable 7600
Bank 1200 19800
Total Assets 219800
Liabilities & Capitals
Trade payables 6400
Capital accounts
Apel 70000
Era 60000
Inie 50000
Additional information
Goodwill was valued & sold for Ghc30000, premises was sold for Ghc162000, machinery for Ghc24000 and inventory for Ghc12000.- The motor vehicle were taken over by partners at a agreed value as follow, Apel taken one for Ghc4000, Ere one for Ghc6000 and Inie one for Ghc3000.
- An amount of Ghc7400 was collected from debtors and creditors were discharged for Ghc6280 the difference being due to discounts received.
- The costs of dissolution amounted to Ghc700.
Required; Prepare
- Realization account
- Capital account in columner form
- Bank account. Please complete answer required 1,2,3
Step by step
Solved in 2 steps with 2 images
