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P , Q and R were partners in a firm shar...

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 .

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Loss on Realisation - ₹6,550 , Cash paid to P - ₹22, 775 and Q - ₹ 13, 035 , Cash brough in by R - ₹ 9,310 . Total of Cash Account- ₹ 50, 410.
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TS GREWAL-DISSOLUTION OF A PARTNERSHIP FIRM-Realisation Account , Partner s Capital Accounts and Bank/Cash Account
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