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can someone help me with this question :) ASAP please 1 Part 3 On 1st April 2016, Valda decided to retire from the partnership. A
can someone help me with this question :) ASAP please
1 Part 3 On 1st April 2016, Valda decided to retire from the partnership. A new partner, Wade was admitted to the partnership on that date. The following matters are agreed: Non-current assets were revalued to $ 200,000 Bad debts to be written off by an amount of $15,000 Goodwill amounting to $135,000 is to be recorded in the books on the day Valda retires. The partners in the new firm do not wish to maintain a goodwill account and the amount is to be written off against the partnership's capital accounts. The amount due to/from Valda was settled in cash. The new partners Taj, Ula and Wade are to share profits and losses in the ratio 3:3:1 respectively. Wade transferred a motor vehicle and office equipment worth $30,000 and $10,000 to the partnership. The capital account balances of Taj, Ula and Wade were adjusted through contribution of cash or reimbursement by the partnership so that their capital account balances are in proportion to the profit sharing ratio of 3:3:1. Required: (i) Prepare journal entries in general journal form (with narrations) to record the above transactions. (ii) Prepare the following ledger accounts to show the changes in the partnership: - Revaluation Account - Goodwill Account - Capital Accounts of the partners - Retirement Account - Bank Account (ii) Prepare a balance sheet of the new partnership of Taj, Ula and Wade after the changes have been made. 1Step by Step Solution
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