Pass the necessary journal entries for the following transactions on the dissolution of the partnership firm of Tina and Rina after the various assets (other than cash and bank) and external liabilities have been transferred to realisation account:

(i) There was an outstanding bill for repairs for which Rs. 20,000 were paid.

(ii) The firm had stock of Rs. 80,000. Tina took over 50% of the stock at a discount of 20% while the remaining stock was sold off for Rs. 52,000.

(iii) The firm had 100 shares of 10 each which were taken over by the partners at market value of ratio of 3:2. 20 per share in their profit-sharing ratio of 3:2.

(iv) Realisation expenses of Rs. 4,000 were paid by Rina.

(v) Tina had given a loan of Rs. 40,000 to the firm which was duly paid.

(vi) Rina agreed to pay off her 10%. husband’s loan of Rs. 10,000 at a discount of 10%.

Marks-6, CBSE: 2023-24/Zone-4/Set-1/Q-25