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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
Investments Fluctuation Reserve
Less: Provision for Doubtful Debtors
R's Capital A/c
Plant and Machinery
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.
By: Aman ProfileResourcesReport error
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