Question

Journal Entries and Necessary Accounts
1. A and B agreed to dissolve their business of Partnership on 31st March, 2016 on which date their Balance Sheet
was as follows:
Creditors
A's Loan
Capitals :
A
B
12,000 Cash
16,000 | Debtors
Stock
Plant
60.000 Goodwill
88.000
2,000
10,000
40.000
28,000
8.000
88.000
40,000
20 000
The partners share profits and losses in the ratio of their capital. The Sundry Debtors realised > 8,400, Stock
336,000, Plant 20% less than the book value and the Goodwill ? 12,000 The creditors were paid-off at a discount
of 5% and the cost of dissolution accounted to 1,200. Pass the necessary journal entries and open the dissolution
account and other accounts showing the final disposal of cash balance.
to bear 15.200 and B 2,600. Cash paid to : A 34.800​

Answer 1

Answer:

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