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Review the case of smith and thompson

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Question: Smith and Thompson are partners in a Manufacturing Business sharing profits and losses in the following proportions: Smith: three-fifths. Thompson: two-fifths. A draft Profit & Loss Account for the year ended 31st March, 1962, and a Balance Sheet at that date have been prepared. The Balance Sheet was as follows:

861_Smith 1.png

Reference no: EM131536718

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