P, Q and R were in partnership. The following is their Balance Sheet as at Dec 31 on which date they dissolved it:
| 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 Get an essay WRITTEN FOR YOU, Plagiarism free, and by an EXPERT! Just from $10/Page | 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 | |||
| 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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