Paper 1 May/June 2009 Accounting (9706/01) A Level
L and M were in partnership sharing profits and losses in the ratio of 2 :1.
At 31 December 2021, the assets and liabilities of the partnership were as follows.
The partnership closed on 31 December 2021.
At that date the following took place.
1 The non-current assets were sold for $\$ 654000$.
2 Inventory was sold for $\$ 80000$.
3 All trade receivables were collected and trade payables…