Partnership Accounts

Halima and Segun are partners in a retail enterprise sharing profits and losses in the ratio of $3:2$. They admit Tunde into the partnership with a $\frac{1}{5}$ share of future profits. Tunde pays $\text{₦}50,000$ as capital contribution and $\text{₦}20,000$ as premium for goodwill. What amount of the goodwill premium should be credited to Segun's capital account?

Match each transaction occurring during the dissolution of a partnership firm to its correct double-entry ledger accounting treatment.

Ade, Bala, and Chukwu are partners in a firm sharing profits and losses in the ratio $4:3:1$ respectively. Bala decides to retire from the partnership. At the date of his retirement, his Capital Account has a credit balance of $\text{₦}250,000$, while his Current Account has a debit balance of $\text{₦}20,000$. The firm's goodwill is valued at $\text{₦}160,000$, and the revaluation of assets and liabilities yields a net profit of $\text{₦}40,000$. What is the total amount payable to Bala upon his retirement?

Tunde and Chidi decided to dissolve their partnership firm. At the date of dissolution, total assets with a book value of $₦120,000$ were transferred to the Realization Account. These assets were realized for $₦135,000$, and dissolution expenses amounting to $₦4,000$ were paid. What is the profit on realization in Naira ($₦$)?

Adebayo and Okon are partners sharing profits and losses in the ratio $3:2$. On the dissolution of their partnership, the book value of non-cash assets transferred to the Realization Account was $₦180,000$, while trade creditors stood at $₦40,000$. The assets realized $₦195,000$, and dissolution expenses of $₦5,000$ were paid. Creditors were settled at a $5\%$ discount. What is Adebayo's share of the profit on realization in Naira ($₦$)?

In accounting for the dissolution of a partnership firm, various transactions must be recorded in the appropriate ledger accounts. Match each dissolution transaction on the left with its correct double-entry accounting treatment on the right.

Efe, Funke, and Garba are partners sharing profits and losses in the ratio $3:2:1$ respectively. On December 31, 2025, Garba dies. At the date of death, the accounting records reveal the following balances:

- Garba's Capital Account (credit): $\text{₦}120,000$
- Garba's Current Account (credit): $\text{₦}15,000$
- Total firm Goodwill valuation: $\text{₦}90,000$
- Total net profit on asset revaluation: $\text{₦}30,000$
- Accrued interest on capital due to Garba: $\text{₦}6,000$
- Garba's total drawings to date of death: $\text{₦}10,000$

What is the net amount (in $\text{₦}$) payable to Garba's executor account?

Match each partnership dissolution transaction on the left to its corresponding double-entry accounting treatment on the right.