B. Will, West and Thomas were in partnership sharing profits and losses in the ratio 3:2:1. On 30 June 2021 they decided to dissolve the partnership. After realising all the assets, the balance sheet appeared as follows: Cash at bank Capitals: Will West Thomas 64 000 32 000 48 000 (16 000) 64 000 Thomas is not able to pay the amount of the balance due to the partnership by him. Required: Prepare the capital accounts of all the partners after the entries are completed to close the books.

B. Will, West and Thomas were in partnership sharing profits and losses in the ratio 3:2:1. On 30 June 2021 they decided to dissolve the partnership. After realising all the assets, the balance sheet appeared as follows: Cash at bank Capitals: Will West Thomas 64 000 32 000 48 000 (16 000) 64 000 Thomas is not able to pay the amount of the balance due to the partnership by him. Required: Prepare the capital accounts of all the partners after the entries are completed to close the books.

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter11: Partnerships: Distributions, Transfer Of Interests, And Terminations

Section: Chapter Questions

Problem 44P

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