Give the Journal entry to distribute ‘Investment Fluctuation Reserve’ of ₹ 24,000 at the time of admission of Manbir, when Investment (Market Value ₹ 1,10,000) exists at ₹ 1,20,000. The firm has two partners Sunil and Avdesh.
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Ben, Broad and Moin are partners sharing profit and losses in the ratio of 5 : 3 : 2. They admit Rashid for 1/6th share. Following items appear in the Balance Sheet on the date of admission:
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Shabir and Jiwan are partners in a firm sharing profits and losses in the ratio of 3 : 2. Joy was admitted for 1/3rd share in the profits.
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Mahesh and Rajesh are partners sharing profits in the ratio of 2 : 1. Their Balance sheet as at 31st March, 2023 was as under:
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Jannat and Mannat are partners in a firm. They share profits and losses in the ratio of 3 : 2. Their Balance Sheet as at 31st March, 2023 was as under:
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Anmol and Basu were partners sharing profits equally. Their Balance sheet as at 31st March, 2023 was as follows:
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Following was the Balance Sheet of X and Y who were sharing profit 2/3rd and 1/3rd as at 31st March, 2023:
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At the time of admission of partner Dass, the assets and liabilities of Karam and Dharam were revalued and following changes were made:
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Mandeep and Tarun are partners sharing profits in the ratio of 3 : 2. They admitted Neelu as a new partner for 1/4th share of profits. At the time of admission of Neelu, Debtors and Provision for Doubtful Debts were ₹ 76,000 and ₹ 8,000 respectively. ₹ 6,000 of the debtors proved bad. A provision of 5% is to be created on Sundry Debtors for Doubtful Debts. Pass the necessary Journal entries.
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Gurm and Sharan are partners sharing profits in the ratio of 3 : 2. They admitted Preet as a partner for 1/4th share of profits. At the time of admission of Preet, Investments appeared at ₹ 80,000. Half of the investments to be taken by Gurm and Sharan in their profit sharing ratio at book value. Remaining investments were valued at ₹ 50,000. Pass the necessary Journal entries.
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