Rishi, Manu and Komal were partners in a firm sharing profits and losses in the ratio of $\displaystyle 3$ : $\displaystyle 4$ : 5. On 31st March, $\displaystyle 2024$ their firm was dissolved. After transferring sundry assets (other than cash in hand and cash at bank) and third party liabilities to realisation account, the following transactions took place : (i) A creditor of ₹ $\displaystyle 2,00,000$ took over an old machine for ₹ $\displaystyle 70,000$ that had been completely written off and his balance was settled at a discount of $\displaystyle 10$%. (ii) Remaining creditors of % $\displaystyle 8,00,000$ agreed to take over stock of $\displaystyle 6,00,000$ in full settlement of their claim. (iii) The remaining stock of $\displaystyle 3,00,000$ was sold at a loss of $\displaystyle 30$%. (iv) Dissolution expenses amounting to $\displaystyle 90,000$ were paid by Komal. (v) Saransh, an old customer whose account for $\displaystyle 40,000$ was written off as bad debt in the previous year, paid $\displaystyle 36$,000. (vi) Loss on dissolution amounted to $\displaystyle 2,40$,000. Pass necessary journal entries for the above transactions to close the books of Rishi, Manu and Komal at the time of dissolution of the firm.

In the books of Rishi, Manu and Komal Journal Date Particulars L.F. Dr. Cr. Amount(₹) Amount(₹) $\displaystyle 2024$ (i) Realisation A/c Dr. $\displaystyle 1,17,000$ March $\displaystyle 31$ To Cash/Bank A/c $\displaystyle 1,17,000$ (A creditor settled at $\displaystyle 10$% discount) ,, (ii) No Entry ,, (iii) Cash/Bank A/c Dr. $\displaystyle 2,10,000$ To Realisation A/c $\displaystyle 2,10,000$ (Stock sold at $\displaystyle 30$% loss) ,, (iv)Realisation A/c Dr. $\displaystyle 90,000$ To Komal’s capital A/c $\displaystyle 90,000$ (Dissolution expenses paid by Komal) ,, (v) Cash/Bank A/c Dr. $\displaystyle 36,000$ To Realisation A/c $\displaystyle 36,000$ (Amount received for a bad debt written off previous year) ,, (vi) Rishi’s capital A/c Dr. $\displaystyle 60,000$ Manu’s capital A/c Dr. $\displaystyle 80,000$ Komal’s capital A/c Dr. $\displaystyle 1,00,000$ To Realisation A/c $\displaystyle 2,40,000$ (Loss on realisation borne by partners in profit sharing ratio)