dont give answer in image format X, Y and Z were partners sharing profits in the proportion of 3:2:1. Y Retiresfrom the business. The Balance sheet of the firm on the date of retirementwas as followsLiabilitiesCreditorsBills PayableGeneral ReserveCapital AccountsXYZAmount (RO)Assets80,000 Cash at Bank40,000 Stock60,000 Debtors LESS Provision160,000 RO 2000.120,000 Vehicle80,000 Machinery540,000Amount (RO)20,00060,00080,000100,000280,000540,000It was agreed among the partnersGoodwill of the firm to be valued atProvision for Doubtful debts to be increased byOutstanding expenses to be brought into accountVehicle is to be depreciated byStock is to be depreciated byMachinery is to be appreciated byRecord the necessary Journal Entries and Prepare the necessary accountsand New Balance sheet of X and Z.96,0004,0007,60017.5%12.5%7.5%

A partnership is a kind of business a formal agreement is made between two or more peoples to share…

X, Y and Z were partners sharing profits in the proportion of 3:2:1. Y Retires from the business. The Balance sheet of the firm on the date of retirement was as follows Liabilities Creditors Bills Payable General Reserve Capital Accounts X Y Z Amount (RO) Assets 80,000 Cash at Bank 40,000 Stock 60,000 Debtors LESS Provision 160,000 RO 2000 120,000 Vehicle 80,000 540,000 Machinery Amount (RO) 20,000 60,000 80,000 100,000 280,000 540,000 It was agreed among the partners Goodwill of the firm to be valued at Provision for Doubtful debts to be increased by Outstanding expenses to be brought into account Vehicle is to be depreciated by Stock is to be depreciated by Machinery is to be appreciated by Record the necessary Journal Entries and Prepare the necessary accounts and New Balance sheet of X and Z. 96,000 4,000 7,600 17.5% 12.5% 7.5%

X, Y and Z were partners sharing profits in the proportion of 3:2:1. Y Retires from the business. The Balance sheet of the firm on the date of retirement was as follows Liabilities Creditors Bills Payable General Reserve Capital Accounts X Y Z Amount (RO) Assets 80,000 Cash at Bank 40,000 Stock 60,000 Debtors LESS Provision 160,000 RO 2000 120,000 Vehicle 80,000 540,000 Machinery Amount (RO) 20,000 60,000 80,000 100,000 280,000 540,000 It was agreed among the partners Goodwill of the firm to be valued at Provision for Doubtful debts to be increased by Outstanding expenses to be brought into account Vehicle is to be depreciated by Stock is to be depreciated by Machinery is to be appreciated by Record the necessary Journal Entries and Prepare the necessary accounts and New Balance sheet of X and Z. 96,000 4,000 7,600 17.5% 12.5% 7.5%

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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