prepare a statement showing how cash should be distributed among the partners accord 609161

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Ram, Rahim and Robert share profits and losses in the ratio of 4:2:1. They decide to dissolve the partnership and their Balance Sheet as on the date of dissolution was as follows:

Liabilities Don't use plagiarized sources. Get Your Custom Essay on prepare a statement showing how cash should be distributed among the partners accord 609161 Get an essay WRITTEN FOR YOU, Plagiarism free, and by an EXPERT! Just from $10/Page Order Essay	Rs	Assets	Rs
Trade Creditors	17,100	Land and Buildings	2,87,160
Bank Overdraft	48,750	Plant and Machinery	48,900
General Reserve	28,350	Furniture	7,380
Capital:		Investments	45,000
Ram 1,20,000		Stock	1,92,450
Rahim 2,40,000		Trade Debtors	68,100
Robert 1,95,000	5,55,000	Cash in Hand	210
	6,49,200		6,49,200

The partners also decide that after the creditors have all been paid and providing a sum of Rs 3,600 to meet payable expenses of realisation and dissolution, all cash realised should immediately be divided among them. The assets are realised as follows: first realisation – Rs 46,080; second realisation Rs 55,200; third realisation: 2,89,197; final realisation – Rs 1,68,900. Expenses of realisation and dissolution amount to Rs 3,396. Prepare a statement showing how cash should be distributed among the partners according to Maximum Loss Method.

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