P,Q and R are partners sharing profits and losses in the ratio of 1/4:1/4:1/2. They decided to

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P,Q and R are partners sharing profits and losses in the ratio of 1/4:1/4:1/2. They decided to dissolve their business on 31.3.2018, when their Balance Sheet was as follows:

P is insolvent. Realisations are to be distributed monthly to creditors and partners in the order of priority. Realisations monthwise were:

Prepare a statement showing distribution of cash and the capital accounts of the partners.

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Related Book For  answer-question

Financial Accounting Volume II

ISBN: 9789387886230

4th Edition

Authors: Mohamed Hanif, Amitabha Mukherjee

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