47 :- P, Q and R are partners sharing profits and losses in the ratio of 3:3:2. Their respective capitals are in their profit – sharing proportions. On 1st April, 2024, the total capital of the firm and balance of General Reserve are Rs 80,000 and Rs 20,000 respectively. During the year 2024 – 25, the firm earned profit of Rs 28,000 before charging interest on capital @5%. The drawings of the partners are P – Rs 8,000; Q – Rs 7,000 and R – Rs 5,000. On 31st March,2025 their liabilities were Rs 18,000.
On this Date, they decided to dissolve the firm. The assets realised Rs 1,08,600 and Realisation expenses amounted to Rs 1,800.
Prepare necessary ledger accounts to close the books of the firm.
Solution :-
