Pass necessary Journal entries to record the following unrecorded assets and liabilities in the books of Paras and Priya.
- There was an old furniture in the firm which had been written off completely in the books. This was sold for ₹ 3,000.
- Ashish, an old customer whose account for ₹ 1,000 was written off as bad in the previous year, paid 60% of the amount.
- Paras agreed to takeover the firm’s goodwill (not recorded in the books of the firm), at a valuation of ₹ 30,000.
- There was an old typewriter which had been written off completely from the books. It was estimated to realise ₹ 400. It was taken by Priya at an estimated price less 25%.
- There was 100 shares of ₹ 100 each in Star Limited acquired at a cost of ₹ 2,000 which has been written off completely from the books. These share are valued @ ₹ 6 each and divided among the partners in their profit sharing ratio.
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