Question 4 (a) X, Y and Z are partners in a firm, sharing profit and losses in the ratio of 3:2:1 respectively. Due to extreme competition, it was decided to dissolve the partnership on 31st December, 2022 on which date the Balance sheet was as follows: Liabilities₹Assets₹ Capital Accounts:Machinery3,08,000 X2,26,200Furniture and Fittings51,600 Y70,800Investments10,800 Z63,0003,60,000Stock1,95,400 Current Accounts:Debtors1,12,800 X52,800Bank59,400 Z12,00064,800Current Account -Y36,000 Reserves2,16,000 Loan Account Z30,000 Creditors1,03,200 7,74,0007,74,000 The realisation of assets is spread over the next few months as follows: 2023₹ FebruaryDebtors1,03,800 MarchMachinery2,79,000 AprilFurniture etc.36,000 MayY agreed to take over Investments at12,600 JuneStock1,92,000 Other information: (i) Dissolution expenses, originally provided were ₹27,000, but actually amounted to ₹19,200 and were paid on 30th April. (ii) The creditors were to be settled for ₹1,00,800. (iii) The partners decided that after creditor settlement, all cash received should be distributed to partners at the end of each month in the most equitable manner. You are required to prepare a statement of actual cash distribution as it is received following the "maximum lose method". (b) Briefly explain the following terms in context to Limited Liability Partnership Act, 2008: (i) Foreign Limited Liability Partnership (ii) Business (iii) Designated Partner (iv) Resident in India for the purpose of Section 7 of LLP Act, 2008 (15 + 5 = 20 Marks)