Homework Help is Here – Start Your Trial Now!
Business
Accounting
Roberto and Sangeeta have been in partnership for many years sharing profits and losses in the   ratio 3:2. They decide to dissolve the partnership on 31 August 2021.   Their summarized statement of financial position at that date was as follows:    The following information is also available:  Furniture and equipment were sold for $690,000. Roberto took over one of the vehicles at an                       agreed value of   $90,000; the other was sold for $120,000. The firm paid $148,000 in full settlement of accounts payable  Inventory realized $210,000.  Accounts receivable were settled after allowing a 10% discount Dissolution expenses amounted to $4,000  Required:  Prepare the following accounts:  a. Realization b. Bank c. Capital accounts d. State two reasons why a partnership might be disolved

Roberto and Sangeeta have been in partnership for many years sharing profits and losses in the   ratio 3:2. They decide to dissolve the partnership on 31 August 2021.   Their summarized statement of financial position at that date was as follows:    The following information is also available:  Furniture and equipment were sold for $690,000. Roberto took over one of the vehicles at an                       agreed value of   $90,000; the other was sold for $120,000. The firm paid $148,000 in full settlement of accounts payable  Inventory realized $210,000.  Accounts receivable were settled after allowing a 10% discount Dissolution expenses amounted to $4,000  Required:  Prepare the following accounts:  a. Realization b. Bank c. Capital accounts d. State two reasons why a partnership might be disolved

Quickbooks Online Accounting
Quickbooks Online Accounting
3rd Edition
ISBN:9780357391693
Author:Owen
Publisher:Owen
Chapter7: Payroll
Section: Chapter Questions
Problem 1.13C
See similar textbooks
icon
Related questions
Question

Roberto and Sangeeta have been in partnership for many years sharing profits and losses in the 

 ratio 3:2. They decide to dissolve the partnership on 31 August 2021. 

 Their summarized statement of financial position at that date was as follows: 

  The following information is also available: 

  1. Furniture and equipment were sold for $690,000. Roberto took over one of the vehicles at an                       agreed value of   $90,000; the other was sold for $120,000.
  2. The firm paid $148,000 in full settlement of accounts payable 
  3. Inventory realized $210,000. 
  4. Accounts receivable were settled after allowing a 10% discount
  5. Dissolution expenses amounted to $4,000 

Required: 

Prepare the following accounts: 

a. Realization

b. Bank

c. Capital accounts

d. State two reasons why a partnership might be disolved

Home Insert Cut Copy Format Painter board Page Layout References Calibri (Body) BIU-abe x, x² T A A Mailings - B 1 X Assets NEVIGUM U N E 1 Current: E Roberto Sangeeta ill X 11 1 Roberto Sangeetal NGUM E M Paragraph Current assets Inventory Accounts Receivable -=t M ## £! T 2- E Non-current assets Furniture and Equipment Motor vehicles Capital and Liabilities Capital: Current liabilities Accounts payable Bank overdraft Developer 1 PA [ 1 C $ 1 $ 225,000 75,000 550,000 300,000 AaBbCcDc AaBbCcD. AaBbC AaBbce A. T Normal 1 No Spaci... Heading 1 Heading 2 TH 150,000 25,000 1 $ 600,000 200,000 800,000 300,000 1,100,000 850,000 125,000 (50,000) 75,000 925,000 175,000 1,100,000 1
Transcribed Image Text:Home Insert Cut Copy Format Painter board Page Layout References Calibri (Body) BIU-abe x, x² T A A Mailings - B 1 X Assets NEVIGUM U N E 1 Current: E Roberto Sangeeta ill X 11 1 Roberto Sangeetal NGUM E M Paragraph Current assets Inventory Accounts Receivable -=t M ## £! T 2- E Non-current assets Furniture and Equipment Motor vehicles Capital and Liabilities Capital: Current liabilities Accounts payable Bank overdraft Developer 1 PA [ 1 C $ 1 $ 225,000 75,000 550,000 300,000 AaBbCcDc AaBbCcD. AaBbC AaBbce A. T Normal 1 No Spaci... Heading 1 Heading 2 TH 150,000 25,000 1 $ 600,000 200,000 800,000 300,000 1,100,000 850,000 125,000 (50,000) 75,000 925,000 175,000 1,100,000 1
Expert Solution
steps

Step by step

Solved in 5 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Partners and Partnerships
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Quickbooks Online Accounting
Quickbooks Online Accounting
Accounting
ISBN:
9780357391693
Author:
Owen
Publisher:
Cengage
SEE MORE TEXTBOOKS