Instruction: Complete ALL questions. Question 1 Adjani, Malcolm, and Shanice have been in partnership for over...

Transcribed Image Text:

Instruction: Complete ALL questions. Question 1 Adjani, Malcolm, and Shanice have been in partnership for over forty years. They are now ready to retire and have decided to dissolve the partnership on March 31, 2021. The balance sheet at that date stood as follows: 23/01 i. ii. iii. iv. V. A. ASSETS Non-current assets Buildings Furniture Statement of Financial Position as at 31 March Current assets Inventory Trade receivables Allowance for doubtful accounts C. Bank Total current assets Total assets EQUITY AND LIABILITIES Capital -Adjani Capital - Malcolm Capital Shanice Current a/c - Adjani Current a/c Malcolm Current a/c - Shanice Additional information: Long-Term Liabilities Loan Current Liabilities Creditors Required: Prepare the following: a. Buildings realized $180,000 b. Debtors $233, 600 c. Inventory $83,000 Realization account. B. Partners' capital accounts $ Bank account 2020 S 250,000 50,000 15,000 200,000.00 3,000 12,000.00 212,000.00 83.000 242,000 (12,000) 230,000 35,000 Adjani took over the furniture at an agreed value of $10,000 Of the remaining assets: 155,000 (130,000) 60,000 S 240,000 80.000 80,000 400,000.00 348,000 $60,000.00 The Council of Community Colleges of Jamaica. 85,000.00 15,000.00 60,000.00 560,000.00 Adjani took over the creditors and Shanice assumed responsibility for the loan Dissolution expenses amounted to $2,200 Malcolm has been ill for a long period and is now insolvent due to his high medical bills Page 4 (7 marks) (10 marks) (3 marks) (Total 20 marks) Instruction: Complete ALL questions. Question 1 Adjani, Malcolm, and Shanice have been in partnership for over forty years. They are now ready to retire and have decided to dissolve the partnership on March 31, 2021. The balance sheet at that date stood as follows: 23/01 i. ii. iii. iv. V. A. ASSETS Non-current assets Buildings Furniture Statement of Financial Position as at 31 March Current assets Inventory Trade receivables Allowance for doubtful accounts C. Bank Total current assets Total assets EQUITY AND LIABILITIES Capital -Adjani Capital - Malcolm Capital Shanice Current a/c - Adjani Current a/c Malcolm Current a/c - Shanice Additional information: Long-Term Liabilities Loan Current Liabilities Creditors Required: Prepare the following: a. Buildings realized $180,000 b. Debtors $233, 600 c. Inventory $83,000 Realization account. B. Partners' capital accounts $ Bank account 2020 S 250,000 50,000 15,000 200,000.00 3,000 12,000.00 212,000.00 83.000 242,000 (12,000) 230,000 35,000 Adjani took over the furniture at an agreed value of $10,000 Of the remaining assets: 155,000 (130,000) 60,000 S 240,000 80.000 80,000 400,000.00 348,000 $60,000.00 The Council of Community Colleges of Jamaica. 85,000.00 15,000.00 60,000.00 560,000.00 Adjani took over the creditors and Shanice assumed responsibility for the loan Dissolution expenses amounted to $2,200 Malcolm has been ill for a long period and is now insolvent due to his high medical bills Page 4 (7 marks) (10 marks) (3 marks) (Total 20 marks)