The firm of R, K and S was dissolved on 31st March 2019. Pass necessary journal entries for the following after various assets (other than cash and Bank) and the third party Liability has been transferred to realisation Account. (i) K agreed to pay off his wife’s loan of Rs. 6000. (ii) Total creditors of the firm were Rs. 40000. Creditor worth Rs. 10000 were given piece of furniture costing Rs. 8000 in full and final settlement. Remaining creditor allowed a discount of 10% (iii) A machine that was not recorded in the books was taken over by K at Rs. 3000 where as expected value was Rs. 5000. (iv) The firm had a debit balance of Rs. 15000 in the P& L A/c on the date of dissolution.
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