Exercise L.3- Question 1 Harry and Jeffery have been in partnership for many years and have been sharing profits and losses equally. The partners have decided to dissolve the partnership at 31 December 2018. The partnership's statement of financial position at that date was as follows: RM Non-current assets Plant and machinery Fixtures and fittings Motor vehicles Current assets Inventories 220,000 108,000 42,000 370,000 41,300 Accounts receivable Bank 52,600 12,300 106,200 476,200 Current liability Accounts payable 27,100 Capital accounts Harry Jeffery Current accounts Harry Jeffery 220,000 220,000 440,000 5,100 4,000 9,100 476,200 The following transactions took place during January 2019: (i) The following amounts were received, by cheque, from the sale of some of the partnership's assets: Plant and machinery Fixtures and fittings Motor vehicles Inventories RM 210,000 100,000 20,000 35,000 (ii) After the partners agreed to allow discounts totaling RM700, the debtors settled all of their debts. (iii) All of the creditor's accounts were settled and the partnership received discounts totaling RM200. (iv) Harry took a motor vehicle that was valued at RM10,000. (v) Jeffery also took a motor vehicle that was valued at RM15,000. (vi) The partner's current accounts were transferred to their capital accounts. Required: To record the dissolution of the partnership, prepare the following ledger accounts: (a) The realization account (b) The partner's capital accounts (c) The partnership's bank account