Requirements:  Compute the total liabilities after formation

Mrs. Shine was registered in Jamaica as a sole trader in 2015. To grow her practice Mrs. Shine decided to enter into a partnership agreement with Mr. Rain, thus the status of the business was changed in 2021. In 2022, the partnership income statement for Shine & Rain was as follows:       Income Statement for the year ended 31 December 2022     $ $ Revenue   11,600,000 Expenses     Salaries & Wages 7,600,000   Employer NIS Contribution 1,400,000   Rent and Rates 2.400,000   Interest 500,000   Maintenance 120,000   Depreciation 550,000   Loss on Disposal of Vehicle 80,000   Telephone 235,000   Electricity 255,000   General Expenses 700,000   Donations 85,000   Provision for Bad Debts 80,000   Fines and Penalties 115,000   Drawings Net Loss 2,625,000  105,000 14,225,000 Notes to the Income Statement     $55,000 of the drawings…

Roberto and Sangeeta have been in partnership for many years sharing profits and losses in the   ratio 3:2. They decide to dissolve the partnership on 31 August 2021.   Their summarized statement of financial position at that date was as follows:    The following information is also available:  Furniture and equipment were sold for $690,000. Roberto took over one of the vehicles at an                       agreed value of   $90,000; the other was sold for $120,000. The firm paid $148,000 in full settlement of accounts payable  Inventory realized $210,000.  Accounts receivable were settled after allowing a 10% discount Dissolution expenses amounted to $4,000  Required:  Prepare the following accounts:  a. Realization b. Bank c. Capital accounts d. State two reasons why a partnership might be disolved

the early part of 2021, the partners of HughJacobs, and Thomas sought assistance from a local accountant. They had begun a new business in 2020 but had never used an accountant's services Hugh and Jacobs began the partnership by contributing $150,000 and $100,000 in cash, respectivelyHugh was to work occasionally at the business, and Jacobs was to be employed full-time. They decided that year-end profits and losses should be assigned as follows: Each partner was to be allocated 10 percent interest computed on the beginning capital balances for the period A compensation allowance of $5,000 was to go to Hugh with a $25,000 amount assigned to Jacobs Any remaining income would be split on a 4:6 basis to Hugh and Jacobs, respectively 2020, revenues totaled $175,000, and expenses were $146,000 (not including the partnerscompensation allowance)Hugh withdrew cash of $9,000 during the year, and Jacobs took out $14,000. In addition, the business paid $7,500 for repairs made to Hugh's home and…