Pass necessary journal entries in the following cases on the dissolution of a partnership firm of partners X, Y, A and B:
(i) Realization expenses of Rs. 5,000 were to borne by X, a partner. However, it was paid by Y.
(ii) Investments costing Rs. 25,000 (comprising 1000 shares), had been written off from the books completely. These shares are valued at Rs. 20 each and were divided amongst the partners.
(iii) Y’s loan of Rs. 50,000 settled at Rs. 48,000.
(iv) Machinery (book value Rs. 6,00,000) was given to creditor at a discount of 20%.
