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

  1. Premises realised $78 000 after the mortgage had been paid
  2. Lizard took over the vehicle at an agreed value of $10 800
  3. $21 600 was received from accounts receivables
  4. Inventory realised $26 400
  5. Expenses of the dissolution amounted to $9 600

 

find the cost of your paper

Critical analysis of networking requirements.

You have been appointed as a Network System Administrator by the SoftTech company in Sydney to allocate public IP Version 4 (IPv4) address into 3 different locations, “2 remote offices….

Can Sally recover from Bill for the loss of her cabbage crop?

Bill was a rancher and owned 500 sheep. Vandals cut a hole in the fence that kept Bill’s sheep in his pasture and 200 sheep escaped from the hole. The….

An US based company relocated its aging mercury thermometer factory from US to a verdant hill station in the southern Tamil Nadu.

An US based company relocated its aging mercury thermometer factory from US to a verdant hill station in the southern Tamil Nadu. Mercury is a toxic metal, which when converted….