Philip, Punter and Steadman, are partners in an office supply business, they made up their accounts to 30 June. The following is their balance sheet as at the 30 June 2014 Non Current Assets Leasehold Premises Delivery vans Current Assets Stocks Debtors Current Liabilities Trade creditors Bank overdraft Working Capital Less long term loan Financed By Capital Accounts Current Accounts Cost $ 21 000 7 000 31 000 Philip Punter Steadman Philip Punter Steadman 3900 Depn $ 16 000 5 000 22 000 12 000 3 400 15 400 900 4 800 5.000 2 000 2000 3 400 2 500 1700 NBV $ The realisation account The firm's bank account and the partners' capital accounts 5 000 2 000 9 000 10 600 19 600 3 000 16 600 9 000 7 600 16 600 The three partners shared profits in the ratio 2:2: 1.On the 30 June 2014, the partners decided to terminate the partnership; Philip took over one of the delivery van which had a book value of $1000 at a valuation of $2 500. Steadman took over stock at a valuation of $6 000 which had cost $6 560.A ready buyer was found for the leasehold premises, the remaining delivery vans, fixtures and fittings, and the balance of the stock, at an agreed price of $11 500. Debtors realised the sum of $3 225 After the creditors had been paid in full, the partners received the monies due to them on the capital accounts or paid what was due to the firm from them. Required: i) ii)