The partners decide to dissolve the partnership. They are offered £40,000 for the building and the fixtures
and fittings. Aoife agrees to take over one car at a value of £2,500 and Declan takes over the other
remaining car at a value of £2,000. It turns out that £2,500 of the trade receivable are bad and the sundry
payables have promised to give the partners, on average 10% discount on settlement of the debt owed to
them if it is paid for on the 1 January 20X2. The loan will be paid off in full on that date. All the monies
in and out will occur on the 1 January 20X2. The dissolution expenses amount to £2,200.
Questions 1 to 4 should be answered from this following information
Aoife and Declan are in partnership, sharing profits equally. Their draft statement of financial position is
as follows:

-What is the balance on the bank account, before the partners settle their capital account balances assuming all other transactions involving the bank have taken place?

Question

The partners decide to dissolve the partnership. They are offered £40,000 for the building and the fixtures
and fittings. Aoife agrees to take over one car at a value of £2,500 and Declan takes over the other
remaining car at a value of £2,000. It turns out that £2,500 of the trade receivable are bad and the sundry
payables have promised to give the partners, on average 10% discount on settlement of the debt owed to
them if it is paid for on the 1 January 20X2. The loan will be paid off in full on that date. All the monies
in and out will occur on the 1 January 20X2. The dissolution expenses amount to £2,200.
Questions 1 to 4 should be answered from this following information
Aoife and Declan are in partnership, sharing profits equally. Their draft statement of financial position is
as follows:
 
-What is the balance on the bank account, before the partners settle their capital account balances assuming all other transactions involving the bank have taken place?

Quizplus · Accepted Answer

The Answer of The partners decide to dissolve the partnership. They are offered £40,000 for the building and the fixtures
and fittings. Aoife agrees to take over one car at a value of £2,500 and Declan takes over the other
remaining car at a value of £2,000. It turns out that £2,500 of the trade receivable are bad and the sundry
payables have promised to give the partners, on average 10% discount on settlement of the debt owed to
them if it is paid for on the 1 January 20X2. The loan will be paid off in full on that date. All the monies
in and out will occur on the 1 January 20X2. The dissolution expenses amount to £2,200.
Questions 1 to 4 should be answered from this following information
Aoife and Declan are in partnership, sharing profits equally. Their draft statement of financial position is
as follows:
 
-What is the balance on the bank account, before the partners settle their capital account balances assuming all other transactions involving the bank have taken place?

The Partners Decide to Dissolve the Partnership