Give the Journal entry to distribute "Workmen Compensation Reserve" of $R s . 72, 000$ at the time of admission of $Z$ , when these is no claim against it. The firm has two partners $X$ and $Y$ .

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Solution

(i) Workmen Compensation Reserve a/c.... Dr. 72000
To X's Capital a/c 36000
To Y's Capital a/c 36000
(Being adjustment of workmen compensation reserve in the ratio of 1:1)

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Q. Short answer type question:
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Q. (a) X, Y and Z are partners sharing profits and losses in the ratio of 5 : 3 : 2 . They decide to admit W for 1/6th share . Following is th extract of the Balance Sheet on the date of admission:

Liabilities	₹	Assets	₹
General Reserve Contingency Reserve Profit and Loss A/c	36,000 6,000 18,000	Advertisement Suspense A/c	24,000

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(c) Give the journal entries to distribute 'Workmen Compensation Reserve' of ₹ 72,000 at the time of admission of Z , when there is no claim against it . The firm has two partners X and Y .
(d) Give the journal entries to distribute 'Workmen Compensation Reserve' of ₹ 72,000 at the time of admission of Z , when there is claim of ₹ 48,000 against it . The firm has two partners X and Y .
(e) Give the journal entry to distribute ' Investment Fluctuation Reserve' of ₹ 24,000 at the time of admission of Z , when Investment ( Market Value ₹ 1,10,000 ) appears at ₹ 1,20,000. The firm has two partners X and Y.
(f) Give the journal entry to distribute ' General Reserve ' of ₹ 4,800 at the time of admission of Z , when 20% of General Reserve is to be transferred to Investment Fluctuation Reserve . The firm has two partners X and Y .
(g) A, B and C were partners sharing profits and losses in the ratio of 6 : 3 : 1 . They decide to take D into partnership with effect from 1st April, 2018. The new profit-sharing ratio between A, B , C and D will be 3 : 3 : 3 : 1 . They also decide to record the effect of the following without affecting their book values , by passing a single adjustment entry:

	Book Value (₹)
General Reserve	1,50,000
Contingency Reserve	60,000
Profit and Loss A/c (Cr.)	90,000
Advertisement Suspense A/c (Dr.)	1,20,000

Pass the necessary single adjustment entry, through the Partner's Current Account.

Q. (a) X, Y and Z are partners sharing profits and losses in the ratio of 5 : 3 : 2. They admit W as partner for 1/6th share. Following is the extract of the Balance Sheet on the date of admission:

Liabilities	₹	Assets	₹
General Reserve Contingency Reserve Profit and Loss A/c	36,000 6,000 18,000	Advertisement Suspense A/c	24,000

Pass necessary Journal entries.
(b) A and B were partners in a firm sharing profit in 4 : 3 ratio. On 1st April, 2019, they admitted C as a new partner. On the date of C's admission, the Balance Sheet of A and B showed a General Reserve of ₹ 84,000 and a debit balance of ₹ 8,400 in the 'Profit and Loss Account'. Pass necessary Journal entries for the treatment of these items on C's admission.
(c) Give the Journal entry to distribute 'Workmen Compensation Reserve' of ₹ 72,000 at the time of admission of Z, when there is no claim against it. The firm has two partners X and Y.
(d) Give the Journal entry to distribute 'Workmen Compensation Reserve' of ₹ 72,000 at the time of admission of Z, when there is claim of ₹ 48,000 against it. The firm has two partners X and Y .
(e) Give the Journal entry to distribute 'Investment Fluctuation Reserve' of ₹ 24,000 at the time of admission of Z, when Investment (Market Value ₹ 1,10,000) appears at ₹ 1,20,000. The firm has two partners X and Y.
(f) Give the Journal entry to distribute 'General Reserve' of ₹ 4,800 at the time of admission of Z, when 20% of General Reserve is to be transferred to Investment Fluctuation Reserve. The firm has two partners X and Y .
(g) A, B and C were partners sharing profits and losses in the ratio of 6 : 3 : 1. They decide to take D into partnership with effect from 1st April, 2019. The new profit-sharing ratio between A, B, C and D will be 3 : 3 : 3 : 1. They also decide to record the effect of the following without affecting their book values, by passing a single adjustment entry:

	Book Values (₹)
General Reserve	1,50,000
Contingency Reserve	60,000
Profit and Loss A/c (Cr.)	90,000
Advertisement Suspense A/c (Dr.)	1,20,000

Pass the necessary single adjustment entry, through the Partner's Current Account.

Q. Give the Journal entry to distribute 'Investment Fluctuation Reserve' of

R s . 24, 000

at the time of admission of

Z

, when Investment (Market Value

R s . 1, 10, 000

) appears at

R s . 1, 20, 000

. The firm has two partners

X

and

Y

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Give the Journal entry to distribute "Workmen Compensation Reserve" of Rs.72,000 at the time of admission of Z, when these is no claim against it. The firm has two partners X and Y.

(i) Workmen Compensation Reserve a/c.... Dr. 72000 To X's Capital a/c 36000 To Y's Capital a/c 36000(Being adjustment of workmen compensation reserve in the ratio of 1:1)

Give the Journal entry to distribute "Workmen Compensation Reserve" of $R s . 72, 000$ at the time of admission of $Z$ , when these is no claim against it. The firm has two partners $X$ and $Y$ .

(i) Workmen Compensation Reserve a/c.... Dr. 72000
To X's Capital a/c 36000
To Y's Capital a/c 36000
(Being adjustment of workmen compensation reserve in the ratio of 1:1)