QUESTION 3E, C and G were in partnership sharing profits and losses in the ratio 3:2:1 respectively. A summary ofthe statement of financial position of the partnership as at 30th September 2009 is as follows:GH¢21,00023,70018,300GH¢Capital and Liabilities:Capital: ECNon-Current AssetsCurrent Assets22,20014,4009,9006,00010,50063,000Bank AccountLoan AccountCTrade PayablesTotal Assets63,000Capital & LiabilitiesThe partners decided to dissolve the firm as at their last accounting date. The asset realised GH¢61,480.You are required to:Close the books of the firm.

Partnership business means where two or more person comes together to do the business and share the…

QUESTION 3 E, C and G were in partnership sharing profits and losses in the ratio 3:2:1 respectively. A summary of the statement of financial position of the partnership as at 30m September 2009 is as follows: GH¢ 21,000 23,700 18,300 GH¢ Capital and Liabilities: Capital: E C Non-Current Assets 22,200 14,400 9,900 6,000 10,500 63,000 Current Assets Bank Account G Loan Account - C Trade Payables Capital & Liabilities Total Assets 63,000 The partners decided to dissolve the firm as at their last accounting date. The asset realised GH¢61,480. You are required to: Close the books of the firm.

QUESTION 3 E, C and G were in partnership sharing profits and losses in the ratio 3:2:1 respectively. A summary of the statement of financial position of the partnership as at 30m September 2009 is as follows: GH¢ 21,000 23,700 18,300 GH¢ Capital and Liabilities: Capital: E C Non-Current Assets 22,200 14,400 9,900 6,000 10,500 63,000 Current Assets Bank Account G Loan Account - C Trade Payables Capital & Liabilities Total Assets 63,000 The partners decided to dissolve the firm as at their last accounting date. The asset realised GH¢61,480. You are required to: Close the books of the firm.

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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