Question
QUESTION Prepare the following ledger accounts for dissolution of the partnership: A. Realisation account. B. Bank account. C. Partners capital accounts. D. Partners capital accounts
QUESTION
Prepare the following ledger accounts for dissolution of the partnership: A. Realisation account. B. Bank account. C. Partners capital accounts. D. Partners capital accounts if one partner is unable to pay the amount owed to the partnership.
|
| Cost | Depreciation | Net |
| Non-Current Assets |
|
|
|
| Leasehold premises | 21 000 | 16 000 | 5 000 |
| Delivery vans | 7 000 | 5 000 | 2 000 |
| Fixtures | 3 000 | 1 000 | 2 000 |
|
| 31 000 | 22 000 | 9 000 |
| Current Assets |
|
|
|
| Inventory |
| 12 000 |
|
| Accounts receivables |
| 3 400 | 15 400 |
|
|
|
| 24 400 |
| Capital and Liabilities |
|
|
|
| Capital Accounts |
|
|
|
| Paul |
| 5 000 |
|
| Peter |
| 2 000 |
|
| Steve |
| 2 000 | 9 000 |
| Current Accounts |
|
|
|
| Paul |
| 3 400 |
|
| Peter |
| 2 500 |
|
| Steve |
| 1 700 | 7 600 |
| Long-term loan |
|
| 3 000 |
| Current Liabilities |
|
|
|
| Accounts payables |
| 3 900 |
|
| Bank overdraft |
| 900 | 4 800 |
|
|
|
| 24 400 |
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Managerial Accounting
Authors: John J. Wild, Ken W. Shaw
2010 Edition
9789813155497, 73379581, 9813155493, 978-0073379586
