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    Teeh's Avatar
    Teeh Posts: 7, Reputation: 1
    New Member

    Jan 7, 2010, 04:51 AM
    Please help me with capital accounts, bank account and realisation account
    In the partnership Kop, Simpson, and Ferrera profits and losses are shared in the ratio 4:3:1. The agreed to dissolve the partnership at 30/ 6/1990 and Kop buy the goodwill for R10 800 and all the debtors for R27 600 and treats the goodwill as an asset like the debtors.
    The land and building are sold to Simpson for R105 600 and he agrees to take over mortgage bond. Ferrera is allocated one motorvan at R3 000 while the other vehicles are disposed of for R4 320, being in a poor state and in need of repair.
    Kop and Ferrera divide stock to the value of R14 400 equally between them and the balance is sold off for cash at R24 480. The furniture is sold forR1 680. Al creditors are paid with discounts of R1 020 being received.
    The balance sheet as at 30/6/1990 was as follows
    R R
    Capital accounts
    Kop 70 200 Land and building 99 000
    Jones 52 650 Motorvans 9 300
    Ferrera 17550 Furniture 2 400
    Mortgage bond 45 000 Stock 40 800
    Sundry creditors 13 800 Sundry debtors 47 700
    199 200 199 200

    Draw up the capital accounts , bank accounts and the realisation account.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692

    Jan 7, 2010, 04:58 AM

    Thank you for using askmehelpdesk, we do not "give" you the answers but can help you find how to do it. So what do you think you need to do, to start, what do you think the answer may be

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