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Nitin, Tarun and Amar are partners sharing profits equally and decide to share profits in the ratio of 2 : 2 : 1 w.e.f. 1st April, 2019. The extract of their Balance Sheet as at 31st March, 2019 is as follows: Liabilities ₹ Assets ₹ Investments Fluctuation Reserve 60,000 Investments (At Cost) 4,00,000 Pass the Journal entries in each of the following situations:(i) When its Market Value is not given;(ii) When its Market Value is ₹ 4,00,000;(iii) When its Market Value is ₹ 4,24,000;(iv) When its Market Value is ₹ 3,70,000;(v) When its Market Value is ₹ 3,10,000. |
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Answer» Nitin, Tarun and Amar are partners sharing profits equally and decide to share profits in the ratio of 2 : 2 : 1 w.e.f. 1st April, 2019. The extract of their Balance Sheet as at 31st March, 2019 is as follows:
Pass the Journal entries in each of the following situations: |
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