- 15 Marks
FA – Nov 2013 – L1 – SB – Q4 – Partnership Accounts
Preparation of ledger accounts for the dissolution of Fina and Funke's partnership.
Question
Fina and Funke, who are in partnership sharing profits and losses in a ratio of 2:1, decided to dissolve the partnership on 31 December 2012. At that date, their statement of financial position is as follows:
Statement of Financial Position as at 31 December 2012
The partners were unable to dispose of the business as a going concern but sold the non-current assets and inventory for N483,750. Trade receivables were collected in full, and the outstanding suppliers gave discounts totaling N1,250, while the dissolution expenses amounted to N10,000.
You are required to:
Prepare necessary ledger accounts to close the books of Fina and Funke.
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