On the date of Shiv’s admission, an extract of the Balance Sheet of Ram and Mohan sharing profits and losses in the ratio of 3 ; 2 was as under:
On the date of Shiv’s admission, an extract of the Balance Sheet of Ram and Mohan sharing profits and losses in the ratio of 3 ; 2 was as under:
| Liabilities | ₹ | Assets | ₹ |
| General Reserve
Contingency Reserve Profit & Loss A/c Investment Fluctuation Reserve Workmen Compensation Reserve Employee’s Provident Fund |
50,000
4,500 30,000 15,000 12,000 25,000 |
Investment (Market Value ₹ 1,90,000)
Advertisement Expenditure (Deferred Revenue) |
2,00,000
10,000 |
New Partner Shiv was admitted for 1/4th share of profit. A claim on account of workmen’s Compensation is ₹ 1,500.
Pass the necessary Journal entries.
Anurag Pathak Changed status to publish June 8, 2023
