P Q and R were partners in a firm sharing profits and losses in the ratio of 5 3 2 They agreed to di...........

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, 2019. P was deputed to realise the assets and pay the liabilities. He was paid 1,000 as commission for his services. The financial position of the firm was:

Balance Sheet as at 31st March, 2019

Liabilities	Amount	Assets		Amount
Creditors	10,000	Stock		5,500
Bills Payable	3,700	Investments		15,000
Investments Fluctuation Reserve	4,500	Debtors	7,100
Capital A/cs:		Less: Provision for Doubtful Debtors	450	6,650
P 37,550		Cash		5,600
Q 15,000	52,550	R's Capital A/c		8,000
		Plant and Machinery		30,000
	70,750			70,750

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.

Download Model Answer

छोटे Courses बड़े Results

Master

Prepare through Micro-courses