Parul, Payal and Priyanka are partners. They decided to dissolve their firm. Pass necessary Journal Entries for the following after various assets (other than cash and bank) and the third party liabilities have been transferred to Realisation Account:

(i) There were total debtors of ₹ 76,000. A provision of bad and doubtful debts also stood in the books ₹ 6,000; ₹ 12,000 debtors proved bad and rest paid the amount due.

(ii) Parul agreed to pay off her husband’s loan of ₹ 7,000 at a discount of 5%.

(iii) A machine which was not recorded in the books was taken over by Payal at ₹ 2,000; whereas its expected value was ₹ 5,000.

(iv) A contingent liability (not provided for) of ₹ 4,000 was also discharged.

(v) The firm had a debit balance of ₹ 27,000 in the Profit & Loss Account on the date of dissolution.

(vi) Priyanka paid the realisation expenses of ₹ 15,000 out of her pocket and she was to get a remuneration of ₹ 17,000 for completing the dissolution process.