Pass necessary Journal entries to record the following unrecorded assets and liabilities in the books of Paras and Priya.

Pass necessary Journal entries to record the following unrecorded assets and liabilities in the books of Paras and Priya.

(a) There was an old furniture in the firm which had been written off completely in the books. This was sold for ₹ 3,000.

(b) Ashish, an old customer whose account for ₹ 1,000 was written off as bad in the previous year, paid 60% of the amount.

(c) Paras agreed to takeover the firm’s goodwill (not recorded in the books of the firm), at a valuation of ₹ 30,000.

(d) There was an old typewriter which had been written off completely from the books. It was estimated to realise ₹ 400. It was taken by Priya at an estimated price less 25%.

(e) There was 100 shares of ₹ 100 each in Star Limited acquired at a cost of ₹ 2,000 which has been written off completely from the books. These share are valued @ ₹ 6 each and divided among the partners in their profit sharing ratio.