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