=+Question 2 (Based on ICAI, P2 Summer 1996) 36. ACCOUNTING FOR PARTNERSHIPS 785 North, South and East

Question:

=+Question 2 (Based on ICAI, P2 Summer 1996)

36. ACCOUNTING FOR PARTNERSHIPS 785 North, South and East have been in partnership for many years sharing profits in the ratio 5:3:2. On 1 January, 1995, they formed a company, Direction Limited, to take over the assets and liabilities of the partnership at that date. The following information is available:

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