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Accounting realization account Question Ben and Ted are in partnership sharing profits and losses in a 3:2 ratio. On 31 March 2019 they decide to

Accounting realization account

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Question Ben and Ted are in partnership sharing profits and losses in a 3:2 ratio. On 31 March 2019 they decide to dissolve the partnership. At that date their assets, liabilities and owners' equity were as follows: Assets Liabilities Cash at Bank 1 240 Accounts Payable 3 600 Inventories 4 000 Account Receivables 1 500 Owner's Equity Furniture 4 100 Ben 21 000 Land 28 000 Ted 14 240 $38 840 $38 840 The assets realised $42000 and expenses of realisation were $280. Liabilities were paid in full and the dissolution was completed by 30 June 2019. Required a) Prepare the Realization account. (9 Marks) b) Prepare Capital account for Ben and Ted. (6 Marks) c) Prepare Cash at Bank Account

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