Rohit, Kunal and Sarthak are partners in a firm. They decided to dissolve their firm. Pass necessary Journal entries for the following after various assets (other than Cash and Bank) and the third party liability have been transferred to Realisation Account:

Rohit, Kunal and Sarthak are partners in a firm. They decided to dissolve their firm. Pass necessary Journal entries for the following after various assets (other than Cash and Bank) and the third party liability have been transferred to Realisation Account:

(a) kanal agreed to opay his wife’s loan of ₹ 6,000.

(b) Total Creditors of the firm were ₹ 40,000. Creditors of ₹ 10,000 were given a piece of furniture of book value ₹ 8,000 out of total furniture of book value ₹ 28,000 in settlement. Remaining Creditors allowed a discount of 1%.

(c) Rohi had given a loan of ₹ 70,000 to the firm which was duly paid.

(d) A machine which was not recorded in the books was taken by Kunal at ₹ 3,000, whereas its expected value was ₹ 5,000.

(e) The firm had a debit balance of ₹ 15,000 in the Profit & Loss Account on the date of dissolution.

(f) Sarthak paid the realisation expenses of ₹ 16,000 out of his private funds, who was to get a remuneration of ₹ 15,000 for completing dissolution process and was responsible to bear all the realisation expenses.