TRIO TRADERS STATEMENT OF FINANCIAL POSITION AS AT 31 JULY 20.5 N$ ASSETS NON CURRENT ASSETS Property, plant and equipment goodwill 117 000 90 000 27 000 CURRENT ASSETS Inventories trade receivables (bons control) Cash and cash equivalents (bank) TOTAL ASSETS 108 000 60 000 40 000 8000 225.000 EQUITY AND LIABILITIES TOTAL EQUITY capital Current accounts Other components of equity (asset replacement reserve) 155 000 132 500 7500 15 000 TOTAL LIABILITIES NON CURRENT LIABILITIES 70 000 39000 Long term borrowings (long term loan) 39000 31000 CURRENT LIABILITIES Trade and other payables (creditors control) TOTAL EQUITY AND LIABILITIES 31 000 225.000 Page 36 of 25 FACULTY OF COMMERCE, MANAGEMENT AND LAW The capital and current account balances of each partner at 31 July 20.5. Pascoe Cannon NS 45 000 8500 NS 65 000 12 000 77.000 Capital account Current account total Fradiey NS 22 500 (13000) 2500 Extract the note regarding property, plant and equipment for the year ended 31 July 20.5 Furniture and finings Vehicle NS NS 40 000 50 000 Total NS 50 000 Carrying amounts The capital and current account balances of each partner at 31 July 20.5 Capital account Current account total Pascoe NS 65 000 12 000 77.000 Cannon NS 45000 8500 53.000 Frady NS 22 500 (13000) 2500 Extract the note regarding property, plant and equipment for the year ended 31 July 205 Toil Furniture and frings Vehicle NS NS Carrying amounts 40 000 50 000 131 July 20.5 NS 30 000 Page 17 of 25 FACULTY OF COMMERCE, MANAGEMENT AND LAW On 1 August 20.5, the fumiture and fittings were sold for N542 000 cash. The vehicle was taken over by Pascoe at a mutually agreed value of N548 000. The inventory was sold for $30 000 cash The debtors setsed their debts in full by paying NS 35 000 10 the partnership All the creditors were paid and a settlement discount of N52 300 was received NS39 000 was repaid in respect of the long term loan. The liquidation costs were NS 15 000 All partners have sufficient personat assets to cover any deficis in their capital accounts You are required to 3.1 Prepare the Bank and capital ledger accounts and the partnerships records in order to carry out the dissolution ( 30 Marks)