Question: Read, White and Blue are in partnership. The following is their Balance sheet as at 31st December, 1961, on which date they dissolve partnership. They share profits in the ratio 5:3:2.
It was agreed to repay the amounts due to the partners as and when the assets were realised, viz:
Prepare a statement showing how the distribution should be made and write up the Cash Account and Partners; Capital accoimts.