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Lal and Pal were partners in a firm sharing profits in the ratio of 3 : 7. On 1st April, 2015 their firm was dissolved. After transferring assets otherthancash and outsider's liabilities to
Realisation Account, you are given the following information:
a A creditor of 3,60,000 accepted machinery valued at 5,00,000 and paid to the firm 1,40,000.
b A second creditor for 50,000 accepted stock at 45,000 in full settlement of his claim.
c A third creditor amounting to 90,000 accepted 45,000 in cash and investments worth 43,000 in full settlement of his claim.
d Loss on dissolution was 15,000.
Pass necessary Journal entries for the above transactions in the books of firm assuming that all payments were made by cheque.
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