This is a question on Partnership Dissolution. Candidates were required to prepare:
(a) Realization Account
(b) Partners Capital Account
(c) Partners current Account
(d) Bank Account

observation

Candidates’ performance in this question was above average.  However, some candidates did not know how to close the partnership accounts and transfer the balance to Partner’s Capital Account on dissolution.
Candidates were expected to transfer the profit on Realization account to Partner’s Capital Accounts.