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FA – Mar/July 2020 – L1 – SB – Q6 – Partnership Accounts

Preparing revaluation, capital, and bank accounts for a partnership dissolution.

  • ICA (Nigeria)
  • PROFESSIONAL PROGRAM
  • FINANCIAL ACCOUNTING
Question

Babatunde and Rasheed have been in partnership for several years, sharing profits and losses in the ratio 2:1 respectively. Their statement of financial position as at December 31, 2019, is shown below:


Required:
Prepare the following accounts:
a. Revaluation account
b. Capital accounts
c. Bank account

Answer

  • Tags: Capital Account, Financial Statements, Partnership Dissolution, Revaluation Account
  • Level: Level 1
  • Topic: Partnership Accounts (Including Profit Sharing, Capital and Current Accounts)
  • Series: MAR/JULY 2020
  • Uploader: Theophilus
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