Question 1 (50 marks) Chan. Lau and Wong, who share profits and losses in the ratio of 3:4:5, decided to terminate their partnership as at 31 March 2017. Any deficiency in capital after realization will be shared by other partners according to the profit or loss sharing ratio Their statement of financial position on that date was as follows Non-current assets Machine Building Motor vehicle 900,000 400,000 300,000 1,600,000 Current assets Accounts receivable Cash at bank 530,000 460,000 990,000 Less: Current liabilities Accounts payable (493.000) 497,000 2,097,000