4. Following was the Balance Sheet of Deepak and Neeru sharing profits and losses in the ratio of 3:2 as at 31st March, 2018:
Liabilities
Creditors
Mrs. Deepak's Loan
Neeru's Loan
Reserve Fund
Deepak's Capital
Neeru's Capital
Assets
Cash
Stock
Debtors
Less: Provision for Doubtful Debts
Furniture
Plant
Investments
Profit and Loss A/c
38,000
10,000
15,000
2,500
18,000
11,500 6,000
19,000
4,000
28,000
10,000
5,000
83,500
20,000
1,000
10,000
8,000
83,500
The firm was dissolved on 31st March, 2018 and the following was the result:
(a) Deepak took Investments at 8,000 and agreed to pay the loan of his wife.
(b) The assets realised as follows:
Stock 1,000 less; Debtors 18,500; Furniture 500 more; Plant 3,000 less.
(c) Expenses of realisation were 600.
(d) Creditors were paid off less 22% discount.Show Ledger Accounts to close the books of the firm.
