Question : A, B and C are partners sharing profits and losses in the ratio of 2: 2: 1.15th March, A died and the new ratio between B and Cis agreed at 3: 2. Give journal entries on A's death in the following cases
Question:
Investment Fluctuation Reserve appears in the books at Rs. 40,000, while Investments (market value Rs. 1,00,000) appear at Rs. 85,000.

Option 1: Investment Fluctuation Reserve of Rs. 40,000 will be credited to A, B and C in 2: 2: 1.

Option 2: Debit Investments and Credit Revaluation A/c by Rs. 15,000 .

Option 3: Revaluation Profit of Rs. 15,000 will be credited to A, B and C in 2: 2: 1.

Option 4: All of the above

Question : A, B and C are partners sharing profits and losses in the ratio of 2: 2: 1.15th March, A died and the new ratio between B and Cis agreed at 3: 2. Give journal entries on A's death in the following cases
Question:
Workmen Compensation Reserve appears in the books at Rs. 1,20,000 and there is a claim of Rs. 1,50,000 against it.:

Option 1: Revaluation Loss of Rs. 30,000 will be debited to A, B and C in 2: 2: 1.

Option 2: Revaluation Loss of Rs. 30,000 will be debited to B and C in 2: 1.

Option 3: Revaluation profit of Rs. 30,000 will be credited to A, B and C in 2: 2: 1.

Option 4: None of the above

Question : A, B and C are partners sharing profits and losses in the ratio of 2: 2: 1.15th March, A died and the new ratio between B and Cis agreed at 3: 2. Give journal entries on A's death in the following cases
Question:
Workmen Compensation Reserve appears in the books at Rs. 1,20,000 and there is a claim of Rs. 1,50,000 against it.:

Option 1: Revaluation Loss of Rs. 30,000 will be debited to A, B and C in 2: 2: 1.

Option 2: Revaluation Loss of Rs. 30,000 will be debited to B and C in 2: 1.

Option 3: Revaluation profit of Rs. 30,000 will be credited to A, B and C in 2: 2: 1.

Option 4: None of the above

Question : A, B and C are equal partners in a firm whose books are closed on 31st March every year. If General Reserve of Rs. 40,000 at the time of retirement of partner B when 25% of the balance of General Reserve is to be transferred to Investments Fluctuation Reserve. Choose the correct option.

Option 1: General Reserve A/c ...Dr. 40,000
To A's Capital A/c 10,000
To B's Capital A/c 10,000
To C's Capital A/c 10,000
To Investments Fluctuation Reserve A/c 10,000

Option 2: General Reserve A/c ...Dr. 40,000
To A's Capital A/c 20,000
To B's Capital A/c 10,000
To C's Capital A/c 10,000

Option 3: General Reserve A/c ...Dr. 40,000
To A's Capital A/c 10,000
To C's Capital A/c 10,000
To Investments Fluctuation Reserve A/c 20,000

Option 4: None of the above

Question : Heena and Neena share profits & losses in the ratio of 3:2 . Their capitals were Rs.60,000 and Rs. 40,000 respectively. There was also a Balance of Rs. 30,000 in General reserve and the revaluation gain amounted to Rs. 15,000. They admit friend Ashish with 1/5 share. Ashish brings Rs. 55,000 as capital Calculate the amount of goodwill of the firm.

Option 1: Rs. 1,00,000 

Option 2: Rs. 75,000 

Option 3: Rs. 85,000

Option 4: Rs 40,000