15 :- Rohit, Kunal and Sarthak partners decided to dissolve their firm. Pass necessary Journal entries for the following after various assets (other than cash and bank) and outside liability had been transferred to Realisation account :
(a) Kunal agreed to pay his wife’s loan of Rs 60,000.
(b) Total creditors of the firm were Rs 40,000. Creditors of Rs 10,000 were given part furniture of book value Rs 8,000 out of total furniture of book value Rs 28,000 in settlement. Remaining creditors allowed discount of 10%.
(c) Rohit had given a loan of RS 70,000 to the firm for which Rs 68,000 were paid in settlement.
(d) A machine which was not recorded in the books was taken by Kunal at Rs 3,000, whereas its expected value was Rs 5,000.
(e) The firm had stock of Rs 2,40,000, 25% of the stock was taken over by an unrecorded creditor of Rs 70,000 in full settlement of his claim and the remaining stock was taken over by Rohit at 80% of cost.
(f) Sarthak paid the realisation expenses of Rs 16,000 and was to be paid Rs 15,000 including expenses for completing dissolution process.
Solution :-