1. Revaluation of the land Dr Aang. Capital S Dr Capital Deficiency S Dr Cash S Dr Katara, Capital S Dr Land S Dr Profit and Loss s Dr Revoluation Surplus S Dr Sokka, Capital S Dr Sokka, Withdrawal S Cr Aang, Capital S Cr Capital Deficiency S Cr Cash S Cr Katara, Capital S CrLand s Cr Profit and Loss $ Cr Revaluation Surplus S Cr SokkaCapital S Cr Sokka. Withdrawal 2a. Withdrawal of Sokke with payment of $204000 Dr Aang, Capital S Dr Capitol Deficiency $ Dr Cash S Dr Katara, Capital s Dr Land S Dr Profit and Los $ Dr Revaluation Surplus S Dr Sokka, Capital S H 1 a Esc F1 + F3 X F2 F4 F5 F6 F7 2b. Withdrawal of Sokka with payment of $210000 Dr Aang, Capital S Dr Capital Deficiency S Dr Cash S Dr Katara, Capital S Dr Land $ Dr Profit and Loss $ Dr Revaluation Surplus S Dr Sokka. Capital S Dr Sokka, Withdrawal S Cr Aang, Capital S Cr Capital Deficiency S S Cr Cash S Cr Katara, Capital S CrLand S. Cr Profit and Lost S Cr Revaluation Surplus S Cr Sokka, Capitol S Cr Sokka, Withdrawal S 2c. Withdrawal of Sokka with payment of $198000 Dr Ann, Capital S Dr Capital Deficiency S Dr Cash S Dr Katara, Capital S Dr Land S Dr Profit and Loss S $ Dr Revaluation Surplus S Dr Sokka, Capital O Esc F1 + F3 % F2 F4 F5 F6 F7 @ # $ % Question 34 Not yet biswered Marked out of 8 PARTNERSHIP PART B NOTE: CONSIDER THIS PART INDEPENDENT OF PARTA Flag question Sokka, Aang and Katara each have a $198000 capital balance in the partnership Sokka is retiring from the business. The partners agree to revalue their main asset, land, to current market value. A real estate specialist values the land at $264000 (carrying amount $228000). The profit-and-loss- sharing ratio is 1:2.8 for Sokka, Aang and Katara, respectively. The new partnership with Aang and Katara agree to share profits and losses 1:2, respectively, Requirements 1. Fill out the journal entries below to journalise the revaluation of the land on 31 July 2. Fill out the journal entries below to withdraw Sokka from the partnership based on each the following independent agreements: a. Sokka agrees to receive $204000 upon withdrawal b. Sokka agrees to receive $210000 upon withdrawal c. Sokka agrees to receive $198000 upon withdrawal. Instructions: 1. Include only the number in your answer. No comma separators or dollar signs. Otherwise, your answer will be deemed incorrect. Example of an answer: 12345 2. If an account is not relevant, that is should not be debited or credited: please type 0 as your answer. 1. Revaluation of the land Dr Aang. Capital S Dr Capital Deficiency S Dr Cash S Dr Katara, Capital S Dr Land S Dr Profit and Loss S Dr Revolution Surplus S Dr Sokkn, Capital s Dr Sokka. Withdrawal S Cr Aang, Capital S ann Cr Capital Deficiency S C Cash S H a Esc M F1 - F2 1+ X C F3 F4 F5 F6 F7 @ # $ %
