P, Q and R are three partners sharing profits and losses in the ratio of 3 : 3 : 2 respectively . Their respective capitals are in their profit-sharing proportions . On 1st April, 2017 , the total capital of the firm and the balance of General Reserve are ₹ 80,000 and ₹ 20,000 respectively. During the year 2017-18 the firm made a profit of ₹ 28,000 before charging interest on capital 5%. The drawings of the partners are P—₹ 8,000; Q—₹ 7,000; and R—₹ 5,000. On 31st March, 2018 their liabilities were ₹ 18,000.On this date , they decided to dissolve the firm. The assets realised ₹ 1,08,600 and realisation expenses amounted to ₹ 1,800.Prepare necessary Ledger Accounts to close the books of the firm.

P, Q and R are three partners sharing profits and losses in the ratio

1.	P, Q and R are three partners sharing profits and losses in the ratio of 3 : 3 : 2 respectively . Their respective capitals are in their profit-sharing proportions . On 1st April, 2017 , the total capital of the firm and the balance of General Reserve are ₹ 80,000 and ₹ 20,000 respectively. During the year 2017-18 the firm made a profit of ₹ 28,000 before charging interest on capital 5%. The drawings of the partners are P—₹ 8,000; Q—₹ 7,000; and R—₹ 5,000. On 31st March, 2018 their liabilities were ₹ 18,000.On this date , they decided to dissolve the firm. The assets realised ₹ 1,08,600 and realisation expenses amounted to ₹ 1,800.Prepare necessary Ledger Accounts to close the books of the firm.
Answer» P, Q and R are three partners sharing profits and losses in the ratio of 3 : 3 : 2 respectively . Their respective capitals are in their profit-sharing proportions . On 1st April, 2017 , the total capital of the firm and the balance of General Reserve are ₹ 80,000 and ₹ 20,000 respectively. During the year 2017-18 the firm made a profit of ₹ 28,000 before charging interest on capital 5%. The drawings of the partners are P $—$ ₹ 8,000; Q $—$ ₹ 7,000; and R $—$ ₹ 5,000. On 31st March, 2018 their liabilities were ₹ 18,000. On this date , they decided to dissolve the firm. The assets realised ₹ 1,08,600 and realisation expenses amounted to ₹ 1,800. Prepare necessary Ledger Accounts to close the books of the firm.

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