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Prepare capital account of each partner on december

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Reference no: EM132563045

Thursday enterprise is a partnership firm in which Baqir, Basit and Bazid are partners sharing profits or losses equally.

Each partner's capital was as follows on 31 December 2019:

Baqir               Rs.80,000

Basit               Rs.60,000

Bazid               Rs.75,000

  • Bazid decided to retire on 31 December 2019. He will be paid Rs. 50,000 in cash and will leave the remaining amount as a loan to the continuing partnership of Baqir and Basit.
  • Goodwill of the partnership was agreed to be Rs.60,000 on 31 December 2019.
  • After Bazid leave, Baqir and Basit will share profit equally.
  • According to the accounting policy of partnership goodwill is not reported in financial statements.

Required:

Question 1: Prepare capital account of each partner on 31 December 2019.

Reference no: EM132563045

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