10.5 Piers, Quick, Right and Squires were in partnership, sharing profits and losses in the ratio 4 : 3 : 2 : 1. They decided to dissolve the partnership on 31 December 20X3 at which date the balance sheet of the partnership was as follows:

£ £ £

Capital accounts Piers 60,000 Goodwill 20,000 Quick 30,000 Tand and buildings 110,000 Right 60,000 Stock 20,000 Squires 20,000 170,000 Debtors 40,000 Creditors 30,000 Balance at bank 10,000

£200,000

£200,000 The assets were realised as follows:
£
5 Jan.
Stock 18,000 8 Jan.
Debtors (part)
16,000 2 Feb.
Goodwill 6,000 2 Feb.
Land and buildings (part)
22,000 1 Mar.
Debtors (balance)
20,000 1 Mar.
Land and buildings (balance)
120,000 The partners decided that, as soon as the creditors were paid, any cash received should be immediately distributed to the partners. All the creditors were paid on 11 January, after deducting cash discounts of £2,000. On 1 March it was decided that the remaining debts were irrecoverable and that the dissolution should be considered as being completed.
Required:
Prepare a schedule setting out the payments that could be made to the partners subject to the proviso that there should be no possibility that any of the partners would be called upon to repay any cash. Realisation expenses should be ignored.