Question 2 Lex, Tex and Des have been in partnership for many years sharing profits wind homes i 3:2:1pectively The Balance Sheet prepared as at 31 December 2021 was Las. Ies and Des Balance Sheet December 31, 2021 Accounts Payable Fixed Assets (all at net book value) Plant and Machinery Furniture and Fixtures Current Assets Inventory Accounts Receivable Less: Current Liabilities 40,000 15,000 56,000 20,000 $4,000 104,000 Bank overdraf 68,000 $2,000 120,000 (16,000) 40.000 Financed by Equity Account Lex Tex Des 16,000 16,000 8,000 40,000 Following a dispute over the accounting treatment of a major account receivable, the partners have agreed to dissolve the Partnership. The following information is available: a) Plant and Machinery were sold for $48,000 while Furniture and Fixtures were dispose at a value of $24,000. b) All the inventory was sold for $16,000. c) Account payables were duly settled. The partnership business had been dependent on one major customer who had been decl ankrupt owing an irrecoverable debt of $72,000. The remaining account receivables eir amount due in full. es informed Lex and Tex that he would be unable to provide funds to clea debtedness that may arise because of the dissolution.