Lal and Pal were partners in a firm sharing profits in the ratio of `3: 7` . On 1st April 2015 , their firm was dissolved . After transferring assets (other than cash ) and outsider's liabilities to Realisation Account , you are given the following information :
(a) A creditor of ₹ 3,60,000 accepted machinery valued at ₹ 5,00,000 and paid to the firm ₹ 1,40 ,000 .
(b) A second creditor for ₹ 50,000 accepted stock at ₹ 45,000 in full settlement of his claim.
(c) A third creditor amounting to ₹ 90,000 accepted ₹ 45,000 in cash and investments worth ₹ 43,000 in full settlement of his claim .
(d) Loss on dissolution was ₹ 15,000.
Pass necessary Journal entries for the above transactions in the books of firm assuming that all payments were made by cheque.