Pass Journal entries for the following transactions on the dissolution of the firm of T and P after various assets (other than cash) and outside liabilities have been transferred to Realisation Account :
(i) Bank Loan ₹ 34 , 000 was paid.
(ii) Furniture worth ₹ 70 , 000 was taken by partner T at ₹ 43 , 000 .
(iii) Partner P agreed to pay a creditor ₹ 7,500 .
(iv) A computer previously written off fully , realised ₹ 3, 900.
(v) Expenses of realisation ₹ 3, 200 were paid by partner T .
(vi) Profit on realisation ₹ 4 , 800 was distributed between T and P in `5 : 3` ratio .

Explanation