What journal entries would you pass for the following transactions on the dissolution of the firm of partners X and Y?
i) Dissolution expenses 1800 were paid by ‘Y’
ii) An unrecorded asset realized 13,000.
iii) Stock 15,000 already transferred to realization account was taken over by ‘X’.
iv) Creditors already transferred to realization account were paid? 4000.
v) Loss on realization 13,000 was distributed among the partners X and Y in their prot sharing ratio 3:2.