Accountancy 4 Marks Question

Record necessary journal entries to realize the following unrecorded assets and liabilities in the books of Paras and Priya:
i. There was old furniture in the firm which had been written off completely in the books. This was sold for ₹ 3,000,
ii. Ashish, an old customer whose account for ₹ 1,000 was written-off as bad in the previous year, paid 60%, of the amount,
iii. Paras agreed to take over the firm's goodwill (not recorded in the books of the firm), at a valuation of ₹ 30,000,
iv. There was an old typewriter that had been written off completely from the books. It was estimated to realize ₹ 400. It was taken away by Priya at an estimated price less 25%,
v. There were 100 shares of ₹ 10 each in Star Limited acquired at a cost of ₹ 2,000 which had been written off completely from the books. These shares are valued @ ₹ 6 each and divided among the partners in their profit sharing ratio.

A Company invited applications for 5,000 shares of ₹ 100 each. The amount is payable as follows:

On Application	₹ 20 per share
On Allotment	₹ 30 per share
On First Call	₹ 20 per share
On Second and Final Call	₹ 30 per share

Applications were received for 8,000 shares. Applications for 1,000 shares were rejected and pro-rata allotment was made to the remaining applicants.
All calls were made and duly paid except:
i. Govind, the holder of 200 shares paid the two calls with allotment.
ii. Sanjay, the holder of 300 shares failed to pay the first and second call money.
Pass necessary journal entries to record the above transactions.