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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Give the Journal entry in each of the following cases (firm has two partners P and Q sharing equally, R being admitted): (a) distribute Workmen Compensation Reserve of ₹90,000 when there is no claim; (b) distribute WCR of ₹90,000 when there is a claim of ₹60,000; (c) distribute Investment Fluctuation Reserve of ₹60,000 when investments (market value ₹2,85,000) exist at ₹3,00,000; (d) distribute General Reserve of ₹60,000 when ₹15,000 is to be transferred to Investment Fluctuation Reserve.
JOURNAL
| Date | Particulars | L.F. | Dr. (₹) | Cr. (₹) |
|---|---|---|---|---|
| (a) | Workmen Compensation Reserve A/c Dr. | 90,000 | ||
| To P’s Capital A/c / Q’s Capital A/c (₹45,000 each) | 90,000 | |||
| (b) | Workmen Compensation Reserve A/c Dr. | 90,000 | ||
| To Workmen Compensation Claim A/c | 60,000 | |||
| To P’s Capital A/c / Q’s Capital A/c (₹15,000 each) | 30,000 | |||
| (c) | Investment Fluctuation Reserve A/c Dr. | 60,000 | ||
| To Investments A/c | 15,000 | |||
| To P’s Capital A/c / Q’s Capital A/c (₹22,500 each) | 45,000 | |||
| (d) | General Reserve A/c Dr. | 60,000 | ||
| To Investment Fluctuation Reserve A/c | 15,000 | |||
| To P’s Capital A/c / Q’s Capital A/c (₹22,500 each) | 45,000 |
Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
This guide covers "T.S. Grewal Class 12 Chapter 4 Q.51 - Admission of a Partner", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to Chapter 4 - Admission of a Partner.
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