Pass the necessary journal entries for the following transactions on the dissolution of the partnership firm of Tony and Rony after the various assets (other than cash) and external liabilities have been transferred to Realization Account:
- An unrecorded asset of Rs. 2,000 and cash Rs. 3,000 was paid for liability of Rs. 6,000 in full settlement.
- 100 shares of Rs. 10 each have been taken over by partners at market value of Rs. 20 per share in their profit sharing ratio, which is 3 : 2.
- Stock of Rs. 30,000 was taken over by a creditor of Rs. 40,000 at a discount of 30% in full settlement.
- Expenses of realisation Rs. 4,000 were to be borne by Rony. Rony used the firm’s cash for paying these expenses.