Question & Answer: A& B Partnership was formed on January 1st 2010 with equal profit sharing. The followings are the balance of accounts as at 31…..

partnership account

A& B Partnership was formed on January 1st 2010 with equal profit sharing. The followings are the balance of accounts as at 31 December 2016. Balance 100,000 40,000 50,000 1,000 20,000 10,000 12,000 20,000 15,000 30,000 30,000 60,000 36,000 Accounts Property Equipment Vehicle Accumulated depreciation Equipment Accumulated depreciation Vehicle Debtors Cash Current Partner A Current- Partner B Capital- Partner A Capital- Partner B Bank loan Creditors A& B agreed to dissolve the partnership on January 1s 2016. It is agreed that the assets will be disposed as follows: Property is sold at the value of RM110,000 Equipment is disposed to Partner A at the value of RM10,000 Vehicle is sold at the price of RM15,000 Debtors agreed to pay the total amount. Required i. Show the realization accounts ii. Show the cash account. iii. Show the capital account for each partner