Question

P, Q and R are on partnership term sharing profits and losses in the ratio 6:3:1. They decided to take S into

partnership with effect from 1st April 2017. The new profit sharing ratio between P, Q, R, and S will be

3:3:3:1. They also decided to record the effect of the following without affecting the books figures (after the

required adjustment from workmen compensation reserve and investment fluctuation reserve) by passing

single adjustment entry.

General reserve - 1,20,000 Contingent reserve -20,000

Profit and Loss A/c (Cr) -60,000 Advertisement suspense A/c -50,000

Workmen compensation reserve - 20,000 Investment fluctuation reserve -10,000

Additional Information

a) Claim on account of Workmen compensation reserve is 10,000

b) Book Value of investment is 50,000(market value 45,000)
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Answer 1

Answer:

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Explanation:

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