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Partnership dissolution - ledger accounts
Hale and Shine decided to dissolve their partnership on 30 October 2003, at which date their statement of financial position was as set out below. Profits and losses are shared 5:3.
On 15 November the proceeds from the sale of assets were:
Accounts receivable $ 86 400
Furniture and equipment 21 000
Motor vehicle 10 050
Inventory 127 500
Telstra shares 12 750
Refund of prepaid insurance 450
On the same date, accounts payable (including $800 omitted for sundry expenses) were discharged for $42 600. The bank had charged interest on overdraft to date at final settlement of $305. Realisation expenses of $3400 were paid and the bank account was closed.
Required:
Problem 1: Prepare the Realisation account, the Cash at Bank and partners' Capital accounts after completion of the dissolution.
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