Chan, Lee and Wong, having carried on business as toys and stationery retailer for a number of years, decided to dissolve their partnership on 30 April 1995.
They had been sharing profits and losses equally.
At the date of dissolution, their draft balance sheet was as follows:
Balance sheet as at 30 April 1995 |
| | |
| | Goodwill
Leasehold premises
Equipment:
Toys department
Stationery department
Stock:
Toys department
Stationery department
Debtors
Bank
Consignment to Flash Limited
| | | Capital accounts:
Chan
Lee
Wong
Creditors
| |
During the year to the date of dissolution, the partnership had consigned goods costing $10000 to Flash Limited.
On 30 April 1995, the partnership received an account sales showing that all goods had been sold for $8000 and Flash Limited had paid freight of $200.
Flash Limited was entitled to a commission of 10% on sales.
A cheque for the net amount was entitled to a commission of 10% on sales.
A cheque for the net amount was enclosed with the account sales.
No entries had yet been made in the partnership books in respect of the information supplied by the consignee.
It was further agreed that the partnership be dissolved on the following terms:
i.
Goodwill was to be written off.
ii.
Dissolution expenses amounted to $2200.
iii.
Chan was to take over the leasehold premises at $18000, toys stock at $5200 and toys equipment at $5700.
iv.
Lee was to take over the stationery stock at $6100 and the equipment of that department at $3890.
v.
The debtors realised $5550; the proceeds being retained by Chan.
The loss on debtors was to be shared by Chan, Lee and Wong in the ratio of 3:2:2.
vi.
The creditor were to be paid by Chan.
vii.
Since Wong was insolvent, he was only required to contribute $500 towards his share of partnership loss.
Required to prepare:
a.
the realisation account
(6 marks)
b.
the bank account
(3 marks)
c.
the partners’ capital accounts, including the final settlement among them
(11 marks)
我唔係好明紅字所顯示o既附加項目要我做咩,
請高人指教.
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發表於 21-10-2008 22:00:33
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