Carol and Lacy were partners. They decided to dissolve their firm. Pass the journal entries for the following after various assets and external liabilities have been transferred to Realisation A/c

Carol and Lacy were partners. They decided to dissolve their firm. Pass the journal entries for the following after various assets and external liabilities have been transferred to Realisation A/c.

(1) Carol took over half of the investments worth ₹ 30,000 at 2% discount and the remaining investments were sold at a profit of 18% of the book value.

(2) Lacy is allowed a remuneration of ₹ 13,000 for dissolution work and is to bear all the expenses of realisation which amounted to ₹ 5,000 were paid by the firm.

(3) Carol had given a loan of ₹ 89,000 to the firm which was duly paid.

(4) Lacy agreed to pay off her brothers loan of ₹ 13,000 at a discount of 5%.