Tushar, Mehta and Ghosh were partners in a firm sharing profits and losses in the ratio of 1 : 2 : 4. On 31st March, 2024 their firm was dissolved. After transferring sundry assets (other than cash in hand and cash at bank) and external liabilities to realisation account, the following transactions took place:
\begin{enumerate}
\item There was a debit balance of ₹77,000 in the profit and loss account, which was transferred to the capital accounts of the partners.
\item The firm had investments of ₹4,00,000 whose market price was ₹4,20,000. The investments were taken over by the partners in their profit sharing ratio at market price.
\item The book value of the debtors was ₹8,00,000 and the provision for bad debts was ₹40,000. Debtors were realised at 90% of the book value and a debtor of ₹5,000 which had been previously written off as bad debt paid the full amount.
\item Ram Lal, a creditor of ₹2,00,000 took over furniture of book value of ₹2,50,000 in full settlement of his claim. The remaining creditors allowed a discount of 10% on their claim of ₹2,20,000.
\item Expenses on realisation amounted to ₹50,000 which were paid by the firm.
\item Gain on realisation amounted to ₹42,000.
\end{enumerate}
Pass necessary journal entries for the above transactions in the books of the firm.
