P , Q and R were partners in a firm sharing profits and losses in the ratio of `5 : 3 : 2` .
Channel: Doubtnut
Date: 2020-03-29

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 : 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 .