Nitin, Tarun and Amar are partners sharing profits equally and decide to share profits in the ratio of 2 : 2 : 1 w.e.f. 1st April, 2019. The extract of their Balance Sheet as at 31st March,
2019 is as follows:
|
Liabilities
|
|
Assets
|
|
|
Investments Fluctuation Reserve
|
60,000
|
Investments
AtCost
|
4,00,000
|
Pass the Journal entries in each of the following situations:
i
When its Market Value is not given;
ii
When its Market Value is 4,00,000;
iii
When its Market Value is 4,24,000;
iv
When its Market Value is 3,70,000;
v
When its Market Value is 3,10,000.