Mittal & Sons earned a profit of ₹ 2,75,000 during the year ended 31st March, 2016. 10% of this profit was to be transferred to Investment Fluctuation Reserve. Pass the necessary Journal entry for the same.
Mittal & Sons earned a profit of ₹ 2,75,000 during the year ended 31st March 2016. 10% of this profit was to be transferred to Investment Fluctuation Reserve. Pass the necessary Journal entry for the same.
Anurag Pathak Changed status to publish April 9, 2023
Ans:-
| Date | Particulars | L.F | Dr. (₹) | Cr. (₹) |
| March, 31 | Profit & Loss Appropriation A/c …Dr.
To Investment Fluctuation Reserve A/c (Being 10% of Profit transferred to Investment Fluctuation Reserve) |
27,500
|
27,500 |
Anurag Pathak Changed status to publish April 9, 2023
