40 :- Ram, Manohar and Joshi were partners in a firm. Manohar retired and his claim including his capital and share of goodwill was Rs 1,80,000. There was an unrecorded furniture estimated at Rs 9,000, half of which was given for an unrecorded liability of Rs 18,000 in settlement of claim of Rs 9,000 and remaining half was taken by Manohar at a discount of 10% in part satisfaction of his claim. Balance of Manohar’s claim was discharged by bank draft. Pass necessary journal entries to record the above transactions.
Solution :-
