Neeraj, Dheeraj and Sheeraj were partners in a firm since 2015. Due to some personal financial needs and constant disagreements among them, they decided to dissolve the firm.

Neeraj, Dheeraj and Sheeraj were partners in a firm since 2015. Due to some personal financial needs and constant disagreements among them, they decided to dissolve the firm. Vijay, a financial and legal consultant has been appointed to carry out the dissolution proces. He opened Realisation Account and transferred all the recorded assets (including goodwill except the ficititious assets, cash and bank balances) to the debit of Realisation Account and outsiders’ liabilities to the credit of Realisation Account. He observed the following transactions:

(i) There was an old computer which had been written off from the books. It was estimated to realise ₹ 8,000. It was taken by Neeraj (partner), at the estimated price less 25%.

(ii) A disputed claim of ₹ 50,000 of a worker for compensation which remained unrecorded in the books was finally settled at ₹ 30,000.

(iii) Dheeraj paid ₹ 60,000 for using name of the firm.

(iv) There was an unrecorded asset of ₹ 60,000, half of which was sold for ₹ 30,000 and the remaining half was taken by Sheeraj (partner) for ₹ 25,000.

Pass necessary Journal entries for the above transactions in the books of the firm.