Marshall, Brendan, and Nick are partners and sharing profits or losses in the ratio of 2:1:1, respectively.
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Marshall, Brendan, and Nick are partners and sharing profits or losses in the ratio of 2:1:1, respectively. On 31 July 20x9, they agree to dissolve the partnership. Their SFP accounts as of 31 July 20x9 (i.e. the date of dissolution) are listed below:
The terms of the dissolution agreement are as follows:
1. Inventory is taken over by Nick at its market price of £12,900 less 10%.
2. Marshall is to assume responsibility for the trade payables.
3. Marshall is to take over the premises at a revalued figure of £38,000 and pay off the mortgage.
4. Marshall also takes one half of the machinery for £9,500 and the trade receivables to the extent of £8,550 for £7,500.
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