P , Q and R commenced business on 1st April , 2018 with capitals of : P - ? 2,00,000 , Q - ? 2,00,000 and R - ? 1,00,000 . Profits are shared in the ratio of ` 4 : 3 : 3 ` . Capital carried interest @ 5% p.a. During the year 2018-19 , the firm suffered a loss of ? 1,50,000 before allowing interest on capital. Drawings of each partner during the year were ? 20,000. On 31st March , 2019, the partners agreed to dissolve the firm as it was no longer profitable . The creditors on that date were ? 40,000 . The assets realised a net value of ? 3,20,000 and the expenses of realisation were ? 7,000 . Prepare Realisation Account , Partner\'s Capital Accounts and Cash Account along with necessary working to close the books of the firm .
P , Q and R commenced business on 1st April , 2018 with capitals of : P - ? 2,00,000 , Q - ? 2,00,
P , Q and R commenced business on 1st April , 2018 with capitals of : P - ? 2,00,000 , Q - ? 2,00,000 and R - ? 1,00,000 . Profits are shared in the ratio of ` 4 : 3 : 3 ` . Capital carried interest @ 5% p.a. During the year 2018-19 , the firm suffered a loss of ? 1,50,000 before allowing interest on capital. Drawings of each partner during the year were ? 20,000. On 31st March , 2019, the partners agreed to dissolve the firm as it was no longer profitable . The creditors on that date were ? 40,000 . The assets realised a net value of ? 3,20,000 and the expenses of realisation were ? 7,000 . Prepare Realisation Account , Partner\'s Capital Accounts and Cash Account along with necessary working to close the books of the firm .
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