P, Q and R were in partnership. The following is their Balance Sheet as at Dec 31 on which date they dissolved it:
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Liabilities Don't use plagiarized sources. Get Your Custom Essay on
the partners share profits in the ratio of 5 3 2 it was agreed to repay the amounts 609158
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As |
Assets |
As |
|
|
Capital: A |
51,000 |
Cash |
12,000 |
|
|
B |
24,000 |
Debtors |
54,000 |
|
|
C |
3,000 |
78,000 |
Stock |
1,20,000 |
|
General Reserve |
18,000 |
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Loan A |
18,000 |
|||
|
B |
12,000 |
30,000 |
||
|
Creditors |
60,000 |
|||
|
1,86,000 |
1,86,000 |
The partners share profits in the ratio of 5:3:2. It was agreed to repay the amounts due to the partners as and when the assets were realised as Feb 1; Rs 1,20,000; Apr 1, Rs 2,92,000; June 1, Rs 1,88,000. You are required to prepare a statement showing how the distribution should be made applying Maximum Loss Method.
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