Adrian and Thomas, who share profits and losses equally, decide to dissolve their partnership as at 30 June 2024. Their balance sheet on that date was as follows:

The trade receivables realised £20,900, the buildings £139,000 and the tools and fixtures £5,000.
The expenses of dissolution were £1,950 and discounts totalling £700 were received from creditors.
Required:
Prepare the accounts necessary to show the results of the realisation and of the disposal of the cash.

Transcribed Image Text:

Buildings Tools and fixtures Trade receivables Cash Trade payables Capital account: Adrian Thomas 4 22,300 1,800 150,000 11,600 161,600 24,100 185,700 18,400 167,300 108,000 59,300 167,300