Pass the necessary journal entries for the following transactions on the dissolution of the partnership firm of Tanay and Mehak after various assets (other than cash) and external liabilities have been transferred to Realisation Account : (i) Creditors of ₹ $\displaystyle 60,000$ accepted stock valued at ₹ $\displaystyle 59,000$ in full settlement of their claim. (ii) Tanay agreed to pay off his wife's loan of ₹ $\displaystyle 12$,000. (iii) The firm had a debit balance of ₹ $\displaystyle 18,000$ in the profit and loss account on the date of dissolution. (iv) An unrecorded liability of ₹ $\displaystyle 20,000$ was paid by partner, Mehak, at a discount of $\displaystyle 10$%. (v) Tanay's loan of ₹ $\displaystyle 4,000$ was paid through a cheque. (vi) Expenses on dissolution amounted to ₹ $\displaystyle 11,000$, which were paid by Mehak.

Books of Tanay and Mehak Journal Date Particulars L.F Debit Credit Amount Amount ₹ ₹ (i)No Entry --- --- __________________________________ (ii) Realisation A/c Dr $\displaystyle 12,000$ To Tanay’s Capital A/c $\displaystyle 12,000$ (Liability of loan taken over by Tanay, a partner) __________________________________ (iii) Tanay’s Capital A/c Dr $\displaystyle 9,000$ Mehak’s Capital A/c Dr $\displaystyle 9,000$ To Profit & Loss A/c $\displaystyle 18,000$ (Debit balance of Profit and Loss Account debited to Partners’ Capital A/c) ___________________________________ (iv) Realisation A/c Dr $\displaystyle 18,000$ To Mehak’s Capital A/c $\displaystyle 18,000$ (Unrecorded Liability paid by Mehak, a partner) __________________________________ (v) Tanay’s Loan A/c Dr $\displaystyle 4,000$ To Bank A/c $\displaystyle 4,000$ (Settlement of Partner’s Loan by cheque) ___________________________________ (vi) Realisation A/c Dr To Mehak’s Capital A/c $\displaystyle 11,000$ (Dissolution expenses paid by Mehak $\displaystyle 11,000$ credited to her capital account)