Retirement of a Partner | Treatment of RESERVES & ACCUMULATED PROFIT/LOSSES | Imp. Concept | Part 6

Retirement of a Partner | Treatment of RESERVES & ACCUMULATED PROFITS / LOSSES | Imp. Concept | Part 6 | Class 12 Accounts


Q.1 (a) Give the journal entry to distribute ‘ Workmen’s Compensation Reserve’ of Rs 70,000 at the time of retirement of Neeti, when there is a claim of Rs25,000 against it. The firm has three partners Raveena, Neeti and Rajat?
(b) Give the Journal entry to distribute 'Workmen Compensation Reserve' of Rs. 60,000 at the time of retirement of Sajjan, when there is no claim against it. The firm have three partners Rajat, Sajjan and Kavita.
(c) Give the journal entry to distribute ‘Investment Fluctuation Reserve’ of Rs. 4000 at the time of retirement of Z when investments (Market Value Rs. 19,000) appear at Rs. 20,000. The firm has three partners X, Y and Z.​

Q.2 Alia, Karan and Shilpa were partners in a firm sharing profits in the ratio of 5 : 3 : 2. Goodwill appeared in their books at the value of ₹60,000. Karan decided to retire from the firm. On the date of his retirement, goodwill of the firm was valued at ₹2,40,000. The new profit sharing ratio decided among Alia and Shilpa was 2:3


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