Jain and Gupta were partners in a firm sharing profits and losses in the ratio of 7: 3. On 31st March, 2024, the firm was dissolved. After…

Jain and Gupta were partners in a firm sharing profits and losses in the ratio of $\displaystyle 7$ : 3. On 31st March, $\displaystyle 2024$, the firm was dissolved. After transferring various assets (other than cash $\displaystyle 6,400$) and the third-party liabilities to Realisation Account, the following transactions took place : (i) Debtors $\displaystyle 80,000$ were taken over by a debt collection agency at $\displaystyle 10$% discount. (ii) Creditors amounting to $\displaystyle 40,000$ were taken over by Jain. (iii) Realisation expenses amounted to $\displaystyle 5,100$, which were paid by Gupta. Pass necessary journal entries for the above transactions in the books of Jain and Gupta.