Accounting 9706 · AS & A Level · The accounting system
The accounting system — practice question
Mira, Sasha and Peta were operating as a partnership. Profits and losses were divided among them in the ratio $2:2:1$ respectively. The partnership stopped trading on 31 January 2019.
(a)[4]
State four causes for the dissolution of a partnership.
(b)[5]
Prepare the partnership’s realisation account.
(c)[2]
On the next page, prepare the partners’ capital accounts on dissolution.
(d)[2]
Prepare the final Bank account to show that the partnership has been closed.
(e)[2]
Suggest two reasons why the trade receivables did not settle the full amount owed.
Worked solution & mark scheme
This 15-mark question has a full step-by-step worked solution and mark scheme. One marking point: “Death / ill health / retirement of partner” …