=+15. fRead, 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 .

Balance Sheet £ £ Creditors 4,000 Loan Account—Read 1,000 Capital AccountsRead 5,000 White 1,500 Blue 4,500 11,000 Premises 4,000 Plant and Machinery 3,000 Stock 3,000 Debtors 6,000 £16,000 It was agreed to repay the amounts due to the partners as and when the assets were realised, viz:
£
1st February, 1962 3,000 1st April, 1962 7,300 1st June, 1962 4,700 £15,000