Prepare necessary accounts to close the books of the firm

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Reference no: EM132732291

Question 1: X, Y and Z were partners in a firm. On December 31,2019 their capital accounts

X (credit balance) Ksh. 40,000

Y (credit balance)

Z (debit balance) Ksh. 4,000 (Overdrawn).

Creditors amounted to Ksh. 28,900 were paid in full. There was no other liability.

There was no cash balance either. The assets realized Ksh. 45,000 in all. Realization expenses amounted to Ksh. 1,000. Z was insolvent and only Ksh. 2,000 could be recovered from his private estate.

Prepare necessary accounts to close the books of the firm.

Reference no: EM132732291

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