Accounting For Partnerships Lou And Turner Operate Retail Stores In Melbourne 2846288

Accounting for Partnerships Lou and Turner operate retail stores in Melbourne, Victoria and have agreed to form a partnership commencing on 1st January 2020.
On this date their respective financial positions were as follows:
Lou Balance Sheet As at 31 December 2017
Assets Cash at bank 20 000 Debtors 36 000 Stock 38 000 Equipment 58 000 Less Accumulated depreciation (26 000)
Liabilities Creditors Net Assets Owner’s Equity Capital – Lou
126 000
33 000
93 000
93 000
Turner Balance Sheet As at 31 December 2017
Assets Vehicles 44 000 Less Accumulated depreciation (12 000) Debtors 52 000 Less Allowance for Doubtful Debts (5 000) Stock on hand 36 000 Investments 20 000
Liabilities Creditors Net Assets Owner’s Equity Capital – Turner
135 000
41 000

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