Naresh, Raj Kumar and Bishwajeet are equal partners Raj Kumar decides to retire On the date of his retirement, the Balance Sheet of the firm showed the following-Solution

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Q.4. Naresh, Raj Kumar and Bishwajeet are equal partners. Raj Kumar decides to retire. On the date of his retirement, the Balance Sheet of the firm showed the following: General Reserves Rs 36,000 and Profit and Loss Account (Dr.) Rs 15,000.

Pass the necessary journal entries to the above effect.

SOLUTION

DateParticularsL.F.Amount
(Rs.)		Amount
(Rs.)
General Reserve A/cDr.36,000
   To Naresh’s capital A/c12,000
   To Raj kumar’s capital A/c12,000
   To Bishwajeet’s capital A/c12,000
(Being General Reserve distibuted among the partners in the ratio of1:1;1)
Naresh’s capital A/cDr.5,000
Raj kumar’s capital A/cDr.5,000
Bishwajeet’s capital A/cDr.5,000
   To Profit and loss A/c15,000
(Profit and loss’s A/c Dr. balance written off)

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