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Nitin, TarunandAmarare partners sharingprofits equllyand decideto shareprofits in theratio of2:2:1 w.e.f1st April, 2019.Theextract of theirBalance Sheet as at 31st March , 2019 isas follows:

Pass the Journalentries in eachof the following situations:
(i) WhenitsMarketValueis not given.
(ii)Whenits Market Value is ₹ 4,00,000.
(iii) Whenits Market Valueis ₹ 4,24,000.

Class 12 Accounts in Class 12 3 years ago

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Answer :(i) DR. Investments Fluctuation RESERVE A/c₹60,000; Cr. Nitin's CAPITAL A/C; Tarun's Capital A/c and Amar's Capital A/c-R 20,000 each; (ii) Same as above; (iii) (a) Same as above;(b) Dr. Investments A/c and Cr. Revalaution A/c by₹24,000; (c) Dr. Revaluation A/c- ₹24,000;Cr. Nitin's Capital A/c; Tarun's Capital A/c and Amar's Capital A/c- ₹8,000 each(iv) Dr. Investments Fluctuation Reserve A/c- ₹60,000; Cr. Investments A/c ₹30,000; Nitin's Capital A/c- ₹10,000; Tarun's Capital A/c- ₹10,000 and Amar's Capital A/c -₹10,000;(v) (a) Dr. Investments Fluctuation Reserve A/c- ₹60,000 and Revaluation A/c-₹30,000: Cr Investments A/c- ₹90,000; (b) Dr. Nitin's Capital A/c-₹10,000; Tarun's Capital A/c-₹10,000 and Amar's Capital A/c - ₹10,000; Cr. Revaluation A/c-₹30,000.]
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Posted on 04 Dec 2021, this text provides information on Class 12 related to Accounts in Class 12. Please note that while accuracy is prioritized, the data presented might not be entirely correct or up-to-date. This information is offered for general knowledge and informational purposes only, and should not be considered as a substitute for professional advice.

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