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X and Y are partners sharing profits and losses in the ratio of 3:1. They admit Z for 1/3rdshare. On that date, Investment Fluctuation Fund stood in the Balance Sheet ofRs. 4,100.Pass necessary journal entries under following cases :-a) Investments shown in Balance Sheet asset side at Rs.7,000. Market value ofInvestments is Rs.4,500.b) Investments shown in Balance Sheet asset side at Rs.7,000. Market value ofInvestments is Rs.2,500. |
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