Dougal and Florence, who have been in partnership for many years, decided to retire and dissolve the partnership on 30 September 2003. Profits and Losses were shared in the ratio of the partners' Capital account balances, which were fixed at Dougal $80000 and Florence $40000. The partnership Balance Sheet at 30 September 2003 was as follows. The partnership ceased trading on 30 September 2003 and the assets were realised as follows. All debts were collected and banked except for bad debts totalling $900. Discounts allowed amounted to $200. Creditors were paid in full. Dissolution expenses of $1200 were paid by cheque. Dougal's loan was repaid from the bank account. Partners' Current account balances were transferred to their Capital accounts. (b) Partners' Current accounts, in columnar form. (d) The partnership Bank account. [8] (e) Discuss three problems which may arise in a partnership but would not occur in a limited company