Class xii accountancy - Partnership • 1. Class XII Accountancy Unit: Partnership Chapter: Admission of Partner By Mamta Narula • Topics to be covered Treatment of Accumulated profits and Accumulated losses  Workmen compensation Fund  Investment Fluctuation Fund • Treatment of Accumulated profits and Accumulated losses Liabilities Amount Assets Amount P & L Account (Cr. Balance) General Reserve Contingency Reserve Workmen compensation Fund Investment Fluctuation Fund ****** ****** ****** ****** ****** P & L Account (Dr. Balance) Deferred Revenue Expenditure ****** ****** Balance Sheet • Treatment of Accumulated profits and Accumulated losses Accumulated Profits • Credited in the old partner’s capital Accumulated Losses • Debited in the old partner’s capital In Old Ratio • Liabilities Amount Assets Amount P & L Account (Cr. Balance) General Reserve Contingency Reserve Workmen compensation Fund Investment Fluctuation Fund ****** ****** ****** ****** ****** P & L Account (Dr. Balance) Deferred Revenue Expenditure ****** ****** Balance Sheet Dr. Partner’s Capital Accounts Cr.

Particulars Amount Particulars Amount P & L Account (Dr. Balance) Deferred Revenue Expenditure ****** ****** ****** ****** ****** P & L Account (Cr. Balance) General Reserve Contingency Reserve Workmen compensation Fund Investment Fluctuation Fund ******* ****** ****** ****** ******** *** ****** • Journal Entries For distribution of undistributed profit and reserve.

For distribution of loss Reserves A/c Dr Profit & Loss A/c(Profit) Dr. To Old Partner’s Capital A/c[individually] Old Partner’s Capital A/c Dr.

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[individually] To Profit and Loss A/c [Loss] In Old Ratio • Mohan Sohan Meena Profit sharing ratio 2:1 Mohan and Sohan are partners sharing profit in the ratio of 2:1. On 1st April2013 they admit Meena as new partner for 1/4 shares in profits. On that date the balance sheet of the firm shows a balance of Rs.30,000 in general reserve and debit balance of Profit and Loss A/c of Rs.6,000. Make the necessary journal entries.

• Liabilities Amount Assets Amount Journal Entries For distribution of general reserve For distribution of Profit and Loss A/c Reserves A/c Dr 30,000 To Mohan’s Capital A/c 20,000 To Sohan’s Capital A/c 10,000 Mohan’s Capital A/c 4,000 Sohan’s Capital A/c 2,000 To Profit and Loss A/c 6,000 General Reserve 30,000 ****** ****** ****** ****** P & L Account (Dr. Balance) 6000 ****** Balance Sheet • Treatment of Workmen Compensation Fund Workmen compensation Fund is made to face the loss due to payment of compensation due to injury suffered by worker during work • Treatment of Workmen Compensation Fund Particulars Amount Assets Amount Different Cases Claim Is 40,000 Claim Is 70,000 There is no Claim Claim Is 1,00,000 Workmen compensation Fund 70,000 • Mohan Sohan Meena Profit sharing ratio 2:1 Mohan and Sohan are partners sharing profit in the ratio of 2:1. On 1st April2013 they admit Meena as new partner for 1/4 shares in profits. On that date the balance sheet of the firm shows a balance of Rs. Hp 4700 Firmware Upgrade on this page. 70,000 in workmen compensation fund. Make the necessary journal entries.