11 Jul THE PARTNERSHIP OF FROG, LIZARD AND GECKO WHO SHARE PROFITS IN THE RATIO OF 5:3:2 HAVE ASKED YOU TO COMPLETE THE RELEVANT LEDGER ACCOUNTS TO DISSOLVE THEIR BUSINESS.
The partnership of Frog, Lizard and Gecko who share profits in the ratio of 5:3:2 have asked you to complete the relevant ledger accounts to dissolve their business. They provide you with their Balance Sheet as at 31st May and some additional information you will require to complete this task. You are required to complete their ledger accounts in order to dissolve their partnership on 31/5/2015.
Balance Sheet as at 31/05/2015
Non-current assets
Premises 112 800
Less accumulated depreciation 18 000 94 800
Motor vehicle 37 200
Less accumulated depreciation
13 200
24 000
Current assets 118 800
Inventory 32 400
Accounts receivable 28 800
Less provision for doubtful debts 4 800 24 000
Bank 9 600
184 800
Current liabilities
Accounts payable 36 000
148 800
Capital
Capital Frog 60 000
Capital Lizard 36 000
Capital Gecko 24 000 120 000
Current Account Frog 9 600
Current Account Lizard 7 200
Current Account Gecko (12 000) 4 800
Non-current liabilities 124 800
Mortgage on premises 24 000
148 000
Additional information
Premises realised $78 000 after the mortgage had been paid
Lizard took over the vehicle at an agreed value of $10 800
$21 600 was received from accounts receivables
Inventory realised $26 400
Expenses of the dissolution amounted to $9 600
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