Square, Rectangle and Circle are doing business in partnership
having ratio as 5:3:2. Circle retires and extract of their balance Sheet was
as follows:
Investment are valued at Rs. 1,00,000. Pass Journal Entries.
Investments Fluctuation reserve 30,000
Investments 1,50,000
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Answer:. Investment Fluctuation Reserve A/c. Dr.30000
Revaluation A/c Dr.20,000
To Investment A/C. 50,000
(Being the fall in value of investment made by Reserve)
Square's A/C. Dr. 10,000
Rectangle A/C Dr. 6,000
Circle's A/C. DR. 4,000
To Revaluation A/C. 20,000
(Being the loss on revaluation transfer)
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