The above partners have always shared profits and losses in the ratio: Pitt 4: Lamb 2: Soul

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The above partners have always shared profits and losses in the ratio: Pitt 4: Lamb 2: Soul 1. From 1 January the assets were to be revalued as the profit sharing ratios are to be altered soon. The following assets are to be revalued to the figures shown: Buildings £106,000; Motor vehicles £13,000; Inventory £4,894; Office fittings £1,450. Required:

(a) You are required to show all the ledger accounts necessary to record the revaluation.

(b) Draw up a statement of financial position as at 1 January 2012.

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Frank Woods Business Accounting

ISBN: 9780273759287

12th Edition

Authors: Frank Wood. Sangster, Alan

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