| Liabilities | Amount ( Rs.) | Assets | Amount ( Rs.) |
| Creditors | 10,000 | Stock | 5,500 |
| Bills Payable | 3,700 | Investments | 15,000 |
| Investments Fluctuation Reserve | 4,500 | Debtors 7,100 | |
| Capital A/cs: | Less: Provision for Doubtful Debtors (450) | 6,650 | |
| P 37,550 | Cash | 5,600 | |
| Q 15,000 | 52,550 | R’s Capital A/c | 8,000 |
| Plant and Machinery | 30,000 | ||
| 70,750 | 70,750 |
P took over Investments for Rs. 12,500. Stock and Debtors realised Rs. 11,500. Plant and Machinery were sold to Q for Rs. 22,500 for cash. Unrecorded assets realised Rs. 1,500. Realisation expenses paid amounted to Rs. 900. Prepare necessary Ledger Accounts to close the books of the firm.
Solution
