Pass necessary journal entries in the following cases on the dissolution of a partnership firm of partners X, Y, A and B: 

1. Realization expenses of ₹5,000 were to borne by X, a partner. However, it was paid by Y. 
2. Investments costing ₹25,000 (comprising 1,000 shares), had been written off from the books completely. These shares are valued at ₹20 each and were divided amongst the partners. 
3. Y’s loan of ₹50,000 settled at ₹48,000. 
4. Machinery (book value ₹6,00,000) was given to creditor at a discount of 20%. 

Marks-4, CBSE:2020-21/Sample/Q-17