16 :- Pass necessary journal entries for the following transactions on the dissolution of a firm after various assets (other than cash) and outside liabilties have been transferred to Realisation account :
(i) Realisation expenses of the firm amounting to Rs 2,600 were paid by partner, Aman.
(ii) A creditor of Rs 4,500 took over stock valued at Rs 5,200 in full settlement.
(iii) An unrecorded asset realised at Rs 3,500.
(iv) Remaining creditors amounting to Rs 20,000 were paid at a discount of 5%.
(v) Remaining stock of Rs 30,000 was taken over by Bimal, a partner, at a discount of 20%.
(vi) Investment whose face value was Rs 10,000 was realised at 40%.
Solution :-
