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 Rs. 1,000 as commission for his services. The financial position of the firm was:

( Rs.)
( Rs.)
Creditors 10,000Stock5,500
Bills Payable3,700Investments                                15,000
Investments Fluctuation Reserve         4,500Debtors 7,100
Capital A/cs: Less: Provision for Doubtful Debtors (450)6,650
P 37,550 Cash5,600
Q 15,00052,550R’s Capital A/c8,000
  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.


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