Vinod, Divij and Siddarth were partners in a firm sharing profits in the ratio of

3: 2: 1.On 30th June, 2014, they decided to dissolve the firm. Following was the Balance Sheet of the firm on that date.

Liabilities

Rs.

Assets

Rs.

Creditors

Investment Fluctuation Fund

Reserve Fund

Capitals

Vinod

Divij

Siddarth

50,400

10,000

12,000

30,000

20,000

10,000

Bank

Stock

Debtors

Investment

Furniture

13,700

20,100

62,600

16,000

20,000

1,32,400

1,32,400

The assets were realized and the liabilities were paid off as follows :

1. Investments were taken over by Vinod for Rs. 18,000.
2. Stock was taken over by Divij for Rs. 17,500 and furniture was taken over by Siddarth at book value.
3. Rs. 60,500 was realized from the debtors.
4. Creditors were settled in full and realization expenses were Rs. 4,500.

Pass necessary Journal entries.