Rajni and Ravi are partners in a firm sharing profits in the ratio of 4:1. On April 15, 2025 they admit Meera as a new partner. On that date, there was a balance of Rs. 20,000 in the General Reserve and a credit balance of Rs. 30,000 in the Profit And Loss Account of the Firm. Necessary Journal Entry for this would be:

Question

Accepted Answer

| Date | Particulars | L.F. | Dr. Amount | Cr. Amount | |---|---|---|---|---| | | General Reserve A/c Dr. | | 20,000 | | | | Profit and Loss A/c Dr. | | 30,000 | | | | To Rajni's Capital A/c | | | 40,000 | | | To Ravi's Capital A/c | | | 10,000 |

Answer

| Date | Particulars | L.F. | Dr. Amount | Cr. Amount | |---|---|---|---|---| | | Profit and Loss A/c Dr. | | 10,000 | | | | To Rajni's Capital A/c | | | 8,000 | | | To Ravi's Capital A/c | | | 2,000 |

Answer

| Date | Particulars | L.F. | Dr. Amount | Cr. Amount | |---|---|---|---|---| | | Rajni's Capital A/c Dr. | | 40,000 | | | | Ravi's Capital A/c Dr. | | 10,000 | | | | To General Reserve A/c | | | 20,000 | | | To Profit and Loss A/c | | | 30,000 |

Answer

| Date | Particulars | L.F. | Dr. Amount | Cr. Amount | |---|---|---|---|---| | | General Reserve A/c Dr. | | 50,000 | | | | To Rajni's capital A/c | | | 40,000 | | | To Ravi's capital A/c | | | 10,000 |

Particulars	Dr. Amount	Cr. Amount
Profit and Loss A/c Dr.	10,000
To Rajni's Capital A/c		8,000
To Ravi's Capital A/c		2,000

Particulars	Dr. Amount	Cr. Amount
General Reserve A/c Dr.	20,000
Profit and Loss A/c Dr.	30,000
To Rajni's Capital A/c		40,000
To Ravi's Capital A/c		10,000

Particulars	Dr. Amount	Cr. Amount
Rajni's Capital A/c Dr.	40,000
Ravi's Capital A/c Dr.	10,000
To General Reserve A/c		20,000
To Profit and Loss A/c		30,000

Particulars	Dr. Amount	Cr. Amount
General Reserve A/c Dr.	50,000
To Rajni's capital A/c		40,000
To Ravi's capital A/c		10,000

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