P, Q and R were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. They agreed to dissolve their partnership firm on 31st March, 2018. P was deputed to realise the assets and pay the liabilities. He as paid ₹ 1,000 as commission for his services. The financial position of the firm was: P took over Investments for ₹ 12,500. Stock and Debtors realised ₹ 11,500. Plant and Machinery were sold to Q for ₹ 22,500 for cash. Unrecorded assets realised ₹ 1,500. Realisation expenses paid amounted to ₹ 900. Prepare necessary Ledger Accounts to close the books of the firm.

P, Q and R were partners in a firm sharing profits and losses in the r

1.	P, Q and R were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. They agreed to dissolve their partnership firm on 31st March, 2018. P was deputed to realise the assets and pay the liabilities. He as paid ₹ 1,000 as commission for his services. The financial position of the firm was: P took over Investments for ₹ 12,500. Stock and Debtors realised ₹ 11,500. Plant and Machinery were sold to Q for ₹ 22,500 for cash. Unrecorded assets realised ₹ 1,500. Realisation expenses paid amounted to ₹ 900. Prepare necessary Ledger Accounts to close the books of the firm.
Answer» essary Ledger Accounts to close the books of the firm i.e., Realisation Account, Partner’s Capital Accounts and Cash Account are CALCULATED and PREPARED below: Explanation: REALISATION ACCOUNT: Particulars (Dr.)To Plant and Machinery A/c - Rs. 30000To Stock A/c - Rs. 5,500To Investments A/c - Rs. 15000To DEBTORS A/c - Rs. 7,100To Cash A/c Creditors - Rs. 10000Bills Payable - Rs. 3700Expenses - Rs. 900Total = Rs. 14,600To P's Capital A/c - Rs. 1000Adding all, we get= 30000+ 5500 + 15000 + 7100 + 14600 + 1000= Rs. 73,200Particulars (Cr.)By Creditors A/c - Rs. 10000By Bills Payable A/c - Rs. 3700By Investments Fluctuation Reserve A/c - Rs. 4500By PROVISION for Doubtful Debts A/c - Rs. 450By P's Capital A/c (Investments) - Rs. 12,500By Cash A/c : Stock and Debtors - Rs. 11,500Plant and Machinery - Rs. 22,500Unrecorded Assets - Rs. 1500Total = Rs. 35,500By Loss transferred to: P's Capital A/c - Rs. 3275Q's Capital A/c - Rs. 1965R's Capital A/c - Rs. 1310Total = Rs. 6550Adding all, we get,= 10000 + 3700 + 4500 + 450 + 12500 + 35500 + 6550 = Rs. 73,200As per the Parner's Capital Accounts, The Dr. and the Cr. of P, Q and R will be Rs. 38,550, Rs. 15,000 and Rs. 9,310 respectively. The cash account are calculated and prepared below:

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