X , Y and Z are partners in a firm sharing profits in the ratio of ` 3 : 2 : 1` respectively . The firm was dissolved on 1st March , 2013 . After transferring assets (other than cash ) and third party liabilities to the Realisation Account you are provided with the following information :
(a) There was a balance of ₹ 18,000 in the firm's Profit and Loss Account .
(b) There was an unrecorded bike of ₹ 50,000 which was taken over by X .
(c) Creditors of ₹ 5,000 were paid ₹ 4,000 in full settlement of accounts .
Pass necessary Journal entries for the above at the time of dissolution of firm .