Pass necessary journal entries in the following cases on the dissolution of a partnership firm of partners X, Y, A and B :

Pass necessary journal entries in the following cases on the dissolution of a partnership firm of partners X, Y, A and B :

(i) Realization expenses of ₹ 5,000 were to borne by X, a partner. However, it was paid by Y.

(ii) Investments costing ₹ 25,000 (comprising 1,000 shares), had been written off from the books completely. These shares are valued at ₹ 20 each and were divided amongst the partners.

(iii) Y’s loan of ₹ 50,000 settled at ₹ 48,000.

(iv) Machinery (book value ₹ 6,00,000) was given to a creditor at a discount of 20%.