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Illustration of Retirement of a partner
A, B and C have been trading as equal partners having capital contributions of £500,000 and £400,000 and £300,000 respectively as at 1st January 2005. On the same date, B Deared to leave the partnership and A and C were to continue trading as partners sharing profits in the ratio of 2:1. The total amounts due to B could not be paid immediately and thus the remaining partners agreed with B that they will pay 25% of the total due in cash and the balance will be left as a loan earning interest at a rate of 8% per annum. Meanwhile, goodwill has agreed at £180,000 and B had a credit balance on his current account of £40,000. Goodwill was not to be retained in the books.Required:Prepare partners capital accounts record the retirement of B
Capital account
B
C
Goodwill written off
120,000
-
60,000
Bal. b/d
500,000
400,000
300,00
Cash book
125,000
Goodwill
8% loan a/c
375,000
Current a/c
40,000
Bal c/d
440,000
300,000
______
560,000
360,000
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