Nitin, Tarun and Amar are partners sharing profits equally

18 :- 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, 2025. The extract of their balance sheet as at 31^st March, 2025 is as follows :

Pass the Journal entries in each of the following situations:
(i) When its Market Value is not given;
(ii) When its Market Value is Rs 4,00,000;
(iii) When its Market Value is Rs 4,24,000;
(iv) When its Market Value is Rs 3,70,000;
(v) When its Market Value is Rs 3,10,000;

Solution :–