Aman and Harsh were partners in a firm . They decided to dissolve their firm . Pass necessary Journal entries for the following after various assets (other than Cash and Bank) and third party liabilities have been transferred to Realisation Account :
(a) There was furniture worth ₹ 50,000 . Aman took over 50% of the furniture at 10% discount and the remaining furniture was sold at 30% profit on book value .
(b) Profit and Loss Account was showing a credit balance of ₹ 15,000 on the date of dissolution .
(c) Harsh's loan of ₹ 6,000 was discharged at ₹ 6,200 .
(d) The firm paid realisation expenses amounting to ₹ 5,000 on behalf of Harsh who had to bear these expenses.
(e) There was a bill for ₹ 1,200 under discount . The bill was received from Sohan who proved insolvent and a first and final dividend of 25 % was received from his estate .
(f) Creditors , to whom the firm owed ₹ 6,000 , accepted stock of ₹ 5,000 at a discount of 5% and the balance in cash.