=+A draft Profit & Loss Account for the year ended 31st March, 1962, and a Balance Sheet at that date have been prepared. The Balance Sheet was as follows:

Capital Accounts £ £

SmithAs at 31st March, 1961 9,510 Add share of Profit 2,55012,060 Thompson—

As at 31st March, 1961 6,200 Add share of Profit 1,700 7,900 Sundry Creditors 5,875 Fixed Assets Freehold Land at cost