ANSWER ALL QUESTIONS QUESTION ONE A B and C have been in pattnership sharing profits and losses in the ration of 2:2:1 respectively. Thes financial year end is 30 September. A decidest to quit the partnership with effect from 10 may 2018 The remaining two mints partners Band C. decided to dissolve the partnership from that date. The terms of dissolution were that the asserts were to be realized, outstanding debts paid and the reminder to be shared by the partners' was to be paid quit in the in an equatable mamer, distribution of casl being made soon as possable The following is the statement of tinadesal position of the partnership at 10 unay 2018. A,B and C Statement of financial position as at 10 may 2018 Additional information 1. The nartnership had an insurance policy whirh entailed the firm to sh. 40,000,000 immediately a partiter left. 2. Dissolation expenses amounted to Sh,1,800,000 and were paid 30 Angust 22018. 3. As yoon as sufficient money was availahle, all the outstanding payable were paid after their discaunt received which amount to Sb.1,000,000 4. Assets were sold and the muanies received on piecemeal basis as followsw: Requred: 1. Statrment showing how the procerds of the dissolution will be shared between the partners Maximum possible loss method 15 Marks 11. Realisation account 10 Marks iif Partner' capital accounts 5Marks: ANSWER ALL QUESTIONS QUESTION ONE A B and C have been in pattnership sharing profits and losses in the ration of 2:2:1 respectively. Thes financial year end is 30 September. A decidest to quit the partnership with effect from 10 may 2018 The remaining two mints partners Band C. decided to dissolve the partnership from that date. The terms of dissolution were that the asserts were to be realized, outstanding debts paid and the reminder to be shared by the partners' was to be paid quit in the in an equatable mamer, distribution of casl being made soon as possable The following is the statement of tinadesal position of the partnership at 10 unay 2018. A,B and C Statement of financial position as at 10 may 2018 Additional information 1. The nartnership had an insurance policy whirh entailed the firm to sh. 40,000,000 immediately a partiter left. 2. Dissolation expenses amounted to Sh,1,800,000 and were paid 30 Angust 22018. 3. As yoon as sufficient money was availahle, all the outstanding payable were paid after their discaunt received which amount to Sb.1,000,000 4. Assets were sold and the muanies received on piecemeal basis as followsw: Requred: 1. Statrment showing how the procerds of the dissolution will be shared between the partners Maximum possible loss method 15 Marks 11. Realisation account 10 Marks iif Partner' capital accounts 5Marks