Parth Ltd, had laid down the following terms upon the sanction of the reconstruction plan by the court- 1. Furniture and Fixtures which stood at the books at 1,50,000 to be written down to 95,000. The freehold premises which was valued at showed an appreciation of 55,000. 7,00,000 2. 3. Plant and machinery showed fall in value of 89,000, to be recorded in the books. Investment at 2,00,000 was brought down to the existing market value at 1,05,000. Debenture holders accepted to receive the following in lieu of their present 9% debentures of 2,50,000- a. b. 1/5th of the total to be paid in cash to them. To take over the land and buildings of value 72,000. C. To forgo the remaining unpaid portion as a policy of reconstruction. Write off the profit and loss A/c debit balance at 70,000 which had been accumulated over the years. In case of any shortfall, the balance of the General reserve of 1,50,000 can be utilized to write off the losses under reconstruction scheme. Show the necessary journal entries as part of the reconstruction process considering that balance in general reserve utilized to write off the losses as per reconstruction scheme.