{"id":3776,"date":"2023-10-05T18:51:45","date_gmt":"2023-10-05T18:51:45","guid":{"rendered":"http:\/\/localhost\/ecole9ja\/?p=3776"},"modified":"2023-10-05T18:55:18","modified_gmt":"2023-10-05T18:55:18","slug":"week-5-and-6-ss3-first-term-financial-accounting-notes","status":"publish","type":"post","link":"https:\/\/ecolebooks.com\/nigeria\/posts\/week-5-and-6-ss3-first-term-financial-accounting-notes\/","title":{"rendered":"Week 5 and 6 – SS3 First Term Financial Accounting Notes"},"content":{"rendered":"

\u00a0WEEK FIVE AND SIX
\n<\/strong>DISSOLUTION OF PARTNERSHIP
\n<\/strong>CONTENT
\n<\/strong><\/p>\n

    \n
  1. \n
    Meaning of partnership Dissolution\n<\/div>\n<\/li>\n
  2. \n
    Reasons for Dissolution\n<\/div>\n<\/li>\n
  3. \n
    Accounting entries\n<\/div>\n<\/li>\n
  4. \n
    Illustration\n<\/div>\n<\/li>\n<\/ol>\n

    \u00a0<\/p>\n

      \n
    1. \n
      Meaning:<\/strong> To dissolve a partnership means to bring an existing partnership business to an end. This entails selling the assets of the business, paying its creditors and other liabilities and sharing the balance of cash left between or among the partners in the agreed ratio.\n<\/div>\n<\/li>\n
    2. \n
      Reasons for Dissolution
      \n<\/strong><\/div>\n

      Any of the following reasons can lead to the dissolution of a partnership.\n<\/li>\n

    3. \n
      Retirement of partner i.e a partner gives notice of his intention to retire from the partnership\n<\/div>\n<\/li>\n
    4. \n
      Admission of a new partner\n<\/div>\n<\/li>\n
    5. \n
      A partner giving notice to other partners of his opinion that the business be dissolved.\n<\/div>\n<\/li>\n
    6. \n
      Insanity of a partner i.e a partner’s problem of unsound mind.\n<\/div>\n<\/li>\n
    7. \n
      Bankruptcy or inability of a partner to pay his debt.\n<\/div>\n<\/li>\n
    8. \n
      Death of a partner\n<\/div>\n<\/li>\n
    9. \n
      A joint decision by the partners to dissolve the partnership\n<\/div>\n<\/li>\n
    10. \n
      If any time agreed upon expires\n<\/div>\n<\/li>\n
    11. \n
      The business can no longer make profit\n<\/div>\n<\/li>\n
    12. \n
      If it becomes illegal to continue to trade on the main object the business was established.\n<\/div>\n<\/li>\n<\/ol>\n

      MAIN ACCOUNTS OPENED:<\/strong> They are: <\/p>\n

        \n
      1. \n
        Cash\/Bank A\/c:<\/strong> To record the receipt of cash\/cheque for assets disposed of, payments to creditors, expenses of dissolution and fund disbursements to the partners.\n<\/div>\n<\/li>\n
      2. \n
        Realization:<\/strong> To record book value and sales proceeds of assets sold, dissolution expenses, assets taken over by partner and the share of profit or loss on dissolution.\n<\/div>\n<\/li>\n
      3. \n
        Partner’s Capital A\/C:<\/strong> To record share of profit or loss, goodwill, assets taken over, amount paid to partners or amount paid by a partner as a result of deficit, etc.\n<\/div>\n<\/li>\n<\/ol>\n

        \u00a0ACCOUNTING ENTRIES
        \n<\/strong><\/p>\n

          \n
        1. \n
          Book value of assets to be realized (excluding bank and cash)\n<\/div>\n<\/li>\n<\/ol>\n

          Dr. realization A\/c
          \nCr. Assets A\/c.
          \nb.\u00a0\u00a0\u00a0\u00a0Assets sold
          \nDr. Cash or bank A\/c
          \nCr. Realization A\/c with cash proceeds <\/p>\n

            \n
          1. \n
            Assets taken over by a partner\n<\/div>\n

            Dr. The capital A\/c of partner
            \nCr. Realization A\/c with the value of such an asset(s).\n<\/li>\n

          2. \n
            Settlement of liabilities\n<\/div>\n

            Dr. liability A\/c
            \nCr. Cash or bank A\/c with amount involved <\/p>\n

              \n
            1. \n
              Dissolution expenses\n<\/div>\n<\/li>\n<\/ol>\n

              Dr. Realization A\/c
              \nCr. Cash or Bank A\/c <\/p>\n

                \n
              1. \n
                Discount received from creditors\n<\/div>\n<\/li>\n<\/ol>\n

                Dr. Creditor(s) A\/c
                \nCr. Realization A\/c<\/p>\n

                  \n
                1. \n
                  Settlement of a creditor\n<\/div>\n<\/li>\n<\/ol>\n

                  Dr. Creditor A\/c
                  \nCr. Cash or Bank A\/c <\/p>\n

                    \n
                  1. \n
                    Paying off a partner’s loan A\/c\n<\/div>\n<\/li>\n<\/ol>\n

                    Dr. loan A\/c
                    \nCr. Cash or Bank A\/c <\/p>\n

                      \n
                    1. \n
                      Profit on realization\n<\/div>\n<\/li>\n<\/ol>\n

                      Dr. Realization a\/c
                      \nCr. Partners A\/c<\/p>\n

                        \n
                      1. \n
                        Loss on Realization\n<\/div>\n<\/li>\n<\/ol>\n

                        Dr. Partners’ capital A\/c
                        \nCr. Realization A\/c <\/p>\n

                          \n
                        1. \n
                          Cash or Cheque paid in by a partner who has a debit balance\n<\/div>\n<\/li>\n<\/ol>\n

                          Dr. cash or Bank A\/c
                          \nCr. The capital a\/c of partner concerned <\/p>\n

                            \n
                          1. \n
                            Final settlement of cash to partners\n<\/div>\n<\/li>\n<\/ol>\n

                            Cr. Cash or Bank A\/c
                            \nDr. each partner’s capital A\/c\n<\/li>\n<\/ol>\n

                            \u00a0The double entry in item (L) above marks the end of the dissolution process, and the cash or bank balance must be the same as the amount required to be paid to each partner.
                            \nFORMATS
                            \n<\/strong>Realization A\/c
                            \n<\/strong>\"\"\/\"\"\/\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0N<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0N<\/strong>
                            \n\tBook Value of Assets<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Amount from Sales<\/strong>
                            \n\tBusiness premises\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0x\u00a0\u00a0\u00a0\u00a0Business premises\u00a0\u00a0\u00a0\u00a0 x
                            \nMotor vehicle\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0x\u00a0\u00a0\u00a0\u00a0Motor vehicle x
                            \nFurniture and fittings\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0x\u00a0\u00a0\u00a0\u00a0Furniture and fittings x
                            \nPlant & machinery\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0x\u00a0\u00a0\u00a0\u00a0Plant & machinery \u00a0\u00a0\u00a0\u00a0 x
                            \nDebtors\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0x\u00a0\u00a0\u00a0\u00a0Debtors \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 x
                            \nStock\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0x\u00a0\u00a0\u00a0\u00a0Stock\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 x
                            \nDissolution expenses\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0x\u00a0\u00a0\u00a0\u00a0Discount received\u00a0\u00a0\u00a0\u00a0 x <\/p>\n

                            \u00a0Share of profit
                            \n<\/strong>A\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0x\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
                            \nB\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0x\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
                            \nC\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 _x_\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
                            \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Xxx\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0xxx<\/p>\n

                            \u00a0Dr\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Cash Book<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Cr
                            \n\"\"\/\"\"\/\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0N<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0N<\/strong>
                            \n\tBalance b\/f\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0x\u00a0\u00a0\u00a0\u00a0Dissolution cost \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0x
                            \nRealization account \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Creditors\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0x
                            \nPlant and machinery\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0x\u00a0\u00a0\u00a0\u00a0Settlement of loan \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0x
                            \nDebtors\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0x\u00a0\u00a0\u00a0\u00a0Capital:
                            \nMotor Vehicle \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0x\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0K\u00a0\u00a0\u00a0\u00a0x
                            \nStock \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0x\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0O\u00a0\u00a0\u00a0\u00a0x
                            \nEquipment\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 x \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0P _x_\u00a0\u00a0\u00a0\u00a0x_
                            \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 XX\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0XX<\/p>\n

                            \u00a0
                            \n\u00a0Dr\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Partners Capital Accounts<\/strong>\u00a0\u00a0\u00a0\u00a0Cr<\/p>\n

                            \n\n\n\n\n\n\n\n
                            \u00a0<\/td>\nA<\/td>\nB<\/td>\nC<\/td>\n\u00a0<\/td>\nA<\/td>\nB<\/td>\nC<\/td>\n<\/tr>\n
                            \u00a0<\/td>\nN<\/strong><\/td>\nN<\/strong><\/td>\nN<\/strong><\/td>\n\u00a0<\/td>\nN<\/strong><\/td>\nN<\/strong><\/td>\nN<\/strong><\/td>\n<\/tr>\n
                            Cash book<\/td>\nX<\/td>\nX<\/td>\nX<\/td>\nBalance b\/f<\/td>\nX<\/td>\nX<\/td>\nX<\/td>\n<\/tr>\n
                            \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\nShare pf profit <\/td>\nX<\/td>\nX<\/td>\nX<\/td>\n<\/tr>\n
                            \u00a0<\/td>\nxx<\/td>\nxx<\/td>\nxx<\/td>\n\u00a0<\/td>\nxx<\/td>\nxx<\/td>\nxx<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

                            \u00a0Ledger entries\u00a0\u00a0\u00a0\u00a0
                            \n<\/strong>
                            \n\u00a0Dr.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Plant and machinery account<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Cr.
                            \n\"\"\/\"\"\/\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0N\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0N
                            \nBalance b\/f\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0x\u00a0\u00a0\u00a0\u00a0Realization account\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0x <\/p>\n

                            \u00a0Dr.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Motor vehicle account<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Cr.
                            \n\"\"\/\"\"\/\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0N\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0N
                            \nBalance b\/f\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0x\u00a0\u00a0\u00a0\u00a0Realization account\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0x <\/p>\n

                            \u00a0Dr.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Furniture account<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Cr.
                            \n\"\"\/\"\"\/\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0N\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0N
                            \nBalance b\/f\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0x\u00a0\u00a0\u00a0\u00a0Realization account\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0x <\/p>\n

                            \u00a0Dr.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Stock account<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Cr.
                            \n\"\"\/\"\"\/\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0N\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0N
                            \nBalance b\/f\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0x\u00a0\u00a0\u00a0\u00a0Realization account\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0x <\/p>\n

                            \u00a0Dr.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Creditors account<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Cr.
                            \n\"\"\/\"\"\/\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0N\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0N
                            \nBank \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0X\u00a0\u00a0\u00a0\u00a0Balance b\/f\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0x <\/p>\n

                            \u00a0Evaluation question
                            \n<\/strong>1.\u00a0\u00a0\u00a0\u00a0What is the dissolution of partnership?
                            \n2.\u00a0\u00a0\u00a0\u00a0Give five reasons why a partnership may be dissolved.<\/p>\n

                            \u00a0Example:<\/strong>Ronke and Yetunde are in partnership, sharing profits and losses 3:2 respectively. The balance sheet as at 31st<\/sup> December 2000 when it was dissolved appeared as follows:
                            \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Balance Sheet Assets
                            \n<\/strong>\"\"\/\"\"\/\u00a0\u00a0\u00a0\u00a0Capital:
                            \nRonke\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a05,500\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Fixture and fittings\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,050
                            \n\u00a0\u00a0\u00a0\u00a0Yetunde\u00a0\u00a0\u00a0\u00a03,500\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Plant and machinery \u00a0\u00a0\u00a0\u00a0 650
                            \n\u00a0\u00a0\u00a0\u00a0Creditors\u00a0\u00a0\u00a0\u00a01,650\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Equipment \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,000
                            \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Debtors\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 900
                            \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Bank \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a07,050
                            \n\"\"\/\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,650\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 10,650
                            \na.\u00a0\u00a0\u00a0\u00a0The following assets were realized:
                            \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 N
                            \nFurniture and fittings\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01, 500
                            \nPlant and machinery\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 700
                            \nEquipment \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01, 900
                            \nDebtors\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 850
                            \nb.\u00a0\u00a0\u00a0\u00a0Dissolution expenses\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 250
                            \nc.\u00a0\u00a0\u00a0\u00a0The creditors were settled with \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01, 500<\/p>\n

                            \u00a0Required:<\/strong> Prepare the necessary accounts on dissolution
                            \nSolution
                            \n<\/strong>Dr\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Realization account<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Cr.
                            \n\"\"\/\"\"\/\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0N\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0N
                            \nBook value of assets\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Amount realized from sales
                            \nFurniture and fittings\u00a0\u00a0\u00a0\u00a01,050\u00a0\u00a0\u00a0\u00a0Furniture and fitting \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,500
                            \nPlant and machinery\u00a0\u00a0\u00a0\u00a0 650\u00a0\u00a0\u00a0\u00a0Plant and machinery\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 700
                            \nEquipment \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,000\u00a0\u00a0\u00a0\u00a0Equipment\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,900
                            \nDebtors \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 900\u00a0\u00a0\u00a0\u00a0Debtors\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 850
                            \nDissolution expenses\u00a0\u00a0\u00a0\u00a0 250\u00a0\u00a0\u00a0\u00a0Disc Rec.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 150
                            \nShare of profit
                            \nRonke (3\/5 x 1,250)\u00a0\u00a0\u00a0\u00a0 750
                            \nYetunde (2\/5 x 1,250) 500\u00a0\u00a0\u00a0\u00a01,250
                            \n\"\"\/\"\"\/\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a05,100\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a05, 100<\/p>\n

                            \u00a0Discount on creditor =\u00a0\u00a0\u00a0\u00a0N1, 650 \u2013 N1, 500 = N150\u00a0\u00a0\u00a0\u00a0<\/p>\n

                            \u00a0Dr. \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Capital account<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Cr.<\/p>\n

                            \n\n\n\n\n\n\n\n
                            \u00a0<\/td>\nRonke<\/td>\nYetunde<\/td>\n\u00a0<\/td>\nRonke<\/td>\nYetunde<\/td>\n<\/tr>\n
                            \u00a0<\/td>\nN<\/td>\nN<\/td>\n\u00a0<\/td>\nN<\/td>\nN<\/td>\n<\/tr>\n
                            Cash <\/td>\n6, 250<\/td>\n4, 000<\/td>\nBalance b\/f<\/td>\n5, 500<\/td>\n3, 500<\/td>\n<\/tr>\n
                            \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\nShare of profit<\/td>\n 750<\/td>\n 500<\/td>\n<\/tr>\n
                            \u00a0<\/td>\n6, 250<\/td>\n4, 000<\/td>\n\u00a0<\/td>\n6, 250<\/td>\n4, 000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

                            Dr.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Creditor account <\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Cr.
                            \n\"\"\/\"\"\/\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0N\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0N
                            \nCash\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,500\u00a0\u00a0\u00a0\u00a0Balance b\/f\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01, 650
                            \nDiscount \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 150\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
                            \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,650\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01, 650<\/p>\n

                            \u00a0\"\"\/Dr.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Cash book<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Cr.
                            \n\"\"\/\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0N\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0N
                            \nBalance b\/f\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a07,050\u00a0\u00a0\u00a0\u00a0Creditors\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,500
                            \nFurniture and fittings\u00a0\u00a0\u00a0\u00a01,500\u00a0\u00a0\u00a0\u00a0Cost of dissolution\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 250
                            \nEquipment \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,900\u00a0\u00a0\u00a0\u00a0Capital:
                            \nDebtors\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 850\u00a0\u00a0\u00a0\u00a0Ronke\u00a0\u00a0\u00a0\u00a06,250
                            \nPlant and machinery\u00a0\u00a0\u00a0\u00a0 700\u00a0\u00a0\u00a0\u00a0Yetunde\u00a0\u00a0\u00a0\u00a04,000\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,250
                            \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 12,000\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a012,000<\/p>\n

                            \u00a0Dr.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Furniture and fittings account<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Cr.
                            \n\"\"\/\"\"\/\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0N\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0N
                            \nBalance b\/f\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,050\u00a0\u00a0\u00a0\u00a0Realization\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,050<\/p>\n

                            \u00a0Dr.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Plant and machinery account<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Cr.
                            \n\"\"\/\"\"\/\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0N\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0N
                            \nBalance b\/f\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0650\u00a0\u00a0\u00a0\u00a0Realization\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0650<\/p>\n

                            \u00a0Dr.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Equipment account<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Cr.
                            \n\"\"\/\"\"\/\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0N\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0N
                            \nBalance b\/f\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,000\u00a0\u00a0\u00a0\u00a0Realization\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,000<\/p>\n

                            \u00a0Dr. \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Debtor account<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Cr.
                            \n\"\"\/\"\"\/\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0N\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0N
                            \nBalance b\/f\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0900\u00a0\u00a0\u00a0\u00a0Realization\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0900\u00a0\u00a0\u00a0\u00a0<\/p>\n

                            \u00a0EVALUATION QUESTION
                            \n<\/strong>1.\u00a0\u00a0\u00a0\u00a0What is goodwill?
                            \n2.\u00a0\u00a0\u00a0\u00a0Explain the terms revaluation and realization in partnership accounts<\/p>\n

                            \u00a0READING ASSIGNMENT
                            \n<\/strong>Simplified Bookkeeping and Accounting by F.L Olatunji, Page 315-324. <\/p>\n

                            \u00a0WEEKEND ASSIGNMENT
                            \n<\/strong><\/p>\n

                              \n
                            1. \n
                              The double entry for discount received from creditors on dissolution is (a) Cr. creditor A\/c Dr. Cash A\/c (b) Cr. Creditors A\/c, Dr. Cash (c) Cr. realization A\/c; Dr. Creditors (d) Dr. Bank, Cr. Capital A\/c\n<\/div>\n<\/li>\n<\/ol>\n
                                \n
                              1. \n
                                Loss on an asset realized is debited to realization A\/c and credited to ________ A\/c (a) Cash (b) Asset (c) Realization (d) Revaluation\n<\/div>\n<\/li>\n<\/ol>\n
                                  \n
                                1. \n
                                  Assets taken over by partners on dissolution are credited to realization A\/c and debited to __________ (a) asset A\/c (b) cash A\/c (c) Capital A\/c (d) all of the above\n<\/div>\n<\/li>\n
                                2. \n
                                  Discount allowed is debited to ____ A\/c (a) capital (b) realization (c) current (d) P & L\n<\/div>\n<\/li>\n
                                3. \n
                                  For goodwill on dissolution debit _________ A\/c and credit _________ A\/c respectively (a) cash and capital (b) goodwill and realization (c) realization and goodwill (d) capitasl and cash\n<\/div>\n<\/li>\n<\/ol>\n

                                  \u00a0THEORY
                                  \n<\/strong>1.\u00a0\u00a0\u00a0\u00a0Explain how the proceeds of assets realized is applied in partnership dissolution.
                                  \n2.\u00a0\u00a0\u00a0\u00a0Provide the double entries for the following on dissolution of the partnership of XYZ.
                                  \n(a)\u00a0\u00a0\u00a0\u00a0Discount allowed to debtors N500
                                  \n(b)\u00a0\u00a0\u00a0\u00a0Cars taken over by Z N50, 000
                                  \n(c)\u00a0\u00a0\u00a0\u00a0Share of loss by X N1000
                                  \n(d)\u00a0\u00a0\u00a0\u00a0Y brings cash to meet his deficit N5000
                                  \n(e)\u00a0\u00a0\u00a0\u00a0Discount received N2000<\/p>\n

                                  \u00a0GENERAL EVALUATION
                                  \n<\/strong><\/p>\n

                                    \n
                                  1. \n
                                    State five differences between cash discount and trade discount\n<\/div>\n<\/li>\n
                                  2. \n
                                    Identify any seven prime books of account and highlight the uses of each of\n<\/div>\n

                                    them where necessary\n<\/li>\n

                                  3. \n
                                    List five advantages of using the imprest system to record petty cash transactions\n<\/div>\n<\/li>\n
                                  4. \n
                                    Explain the following types of errors (a) omission (b) principle (c) commission\n<\/div>\n

                                    (d) original entry (e) complete reversal of entry (f) compensating error\n<\/li>\n

                                  5. \n
                                    Explain how the following items are treated in Profit and Loss Account and Balance\n<\/div>\n

                                    Sheet (a) provision for doubtful debts (b) depreciation on fixed assets (c) accrued
                                    \n income (d) accrued expenses (e) prepaid expenses\n<\/li>\n<\/ol>\n


                                    \n\t\t<\/strong>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

                                    \u00a0WEEK FIVE AND SIX DISSOLUTION OF PARTNERSHIP CONTENT Meaning of partnership Dissolution Reasons for Dissolution…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,293],"tags":[],"class_list":["post-3776","post","type-post","status-publish","format-standard","hentry","category-posts","category-first-term-ss3-financial-accounting"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts\/3776","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/comments?post=3776"}],"version-history":[{"count":1,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts\/3776\/revisions"}],"predecessor-version":[{"id":3777,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts\/3776\/revisions\/3777"}],"wp:attachment":[{"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/media?parent=3776"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/categories?post=3776"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/tags?post=3776"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}