Xavier and Zeb are in partnership, sharing profits and losses in the ratio 3:1, respectively. They have
Question:
Xavier and Zeb are in partnership, sharing profits and losses in the ratio 3:1, respectively. They have agreed to sell their business to Young Ltd. The purchase consideration is $400,000, comprising $40,000 in cash, $120,000 in 8 per cent debentures and 80,000 ordinary shares of $0.20 each. The debentures are to be shared equally and the shares according to the profit-sharing ratio.
The statement of financial position prior to the purchase was:
Prepare ledger entries to close the partnership books of account.
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To close the partnership books of account we need to make the following ledger entries Close the par...View the full answer
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Related Book For 
Accounting For Cambridge International AS And A Level
ISBN: 9780198399711
1st Edition
Authors: Jacqueline Halls Bryan, Peter Hailstone
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