On 1 st
January 2022 the partners A, B and C agreed to dissolve their partnership.
During the dissolution, the following assets of the partnership were taken over
by the partners:

Partner A took over a vehicle with Book Value of $23,000 at an agreed
value of $25,000

Partner B took over office equipment Book Value $5,000 at an agreed
value of $3,000

Partner C took over furniture Book Value $7,000 at an agreed value of
$6,000

The journal entries to record the assets taken over by the partners
are:

Question

On 1 st 
January 2022 the partners A, B and C agreed to dissolve their partnership.
During the dissolution, the following assets of the partnership were taken over
by the partners:

Partner A took over a vehicle with Book Value of $23,000 at an agreed
value of $25,000

Partner B took over office equipment Book Value $5,000 at an agreed
value of $3,000

Partner C took over furniture Book Value $7,000 at an agreed value of
$6,000

The journal entries to record the assets taken over by the partners
are:

Answer

Dr.  Current Account A                  $23,000

Dr. Current Account B                   $5,000

Dr Current Account C                    $7,000

Cr Realization                                  $
35,000

Answer

Dr.  Current Account A                  $2,000

Dr Realization                                  $
1,000

Cr. Current Account B                    $2,000

Cr Current Account C                     $1,000

Answer

Dr.  Current Account A                  $25,000

Dr. Current Account B                   $3,000

Dr Current Account C                    $6,000

Cr Realization                                  $
34,000

Answer

Dr.  Capital Account A                    $25,000

Dr. Capital Account B                     $3,000

Dr Capital Account C                      $6,000

Cr Realization                                  $
34,000

Crowdly

On 1 st January 2022 the partners A, B and C agreed to dissolve their partners...

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