51 :- Give the journal entry in the following cases;
(a) To distribute ‘workmen compensation reserve’ of Rs 90,000 at the time of admission of R, when there is no claim against it. The firm has two partners P and Q.
(b) To distribute ‘workmen compensation reserve’ of Rs 90,000 at the time of admission of R, when there is a claim of Rs 60,000 against it. The firm has two partners P and Q.
(c) To distribute ‘investment fluctuation reserve’ of Rs 60,000 at the time of admission of R, when investments (market value Rs 2,85,000) exists at Rs 3,00,000. The firm has two partners P and Q.
(d) To distribute ‘general reserve’ of Rs 60,000 at the time of R, when Rs 15,000 from general reserve is to be transferred to investment fluctuation reserve. The firm has two partners P and Q.
Solution :-
