P , Q and R are partners sharing profits and losses in the ratio of ` 3 : 3 : 2` respectively .
Channel: Doubtnut
Date: 29/03/2020

P , Q and R are 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, 2019 , the totoal capital of the firm and the balance of General Reserve are ? 80,000 and ? 20,000 respectively . During the year 2018-19 , the firm made of profit of ? 28,000 before chainging interest on capital @ 5%. The drawings of the partners are P - ? 8,000 , Q - ? 7,000 and R - ? 5,000 . On 31st March , 2019 , 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 Leadger Accounts to close the books of the firm .