Pass the necessary Journal entries to record the below transactions in the books of the firm.

Dear student,
                                     JOURNAL

Date	Particulars	LF	Debit	Credit
	Samiksha's capital account       Dr Ash's capital account           Dr Divya's capital account       Dr   To  Profit and loss account (being debit balance of profit and loss account distributed/borne out by partners)		25,000 15,000 10,000	50,000
	Investment fluctuation fund account   Dr   To  Investment account   To Samiksha's capital account  To Ash's capital account   To Divya's capital account (being the loss on investment met through reserve and surplus is distributed amongst partners)		40,000	20,000 10,000 6000 4000
	Ash's capital account        Dr Divya's capital account   Dr   To Samiksha's capital account (On dividing goodwill)		60,000 30,000	90,000

Working Note:

goodwill = 3,00,000

 

sacrifice = old share - new share

Samishka = 5/10-2/10= 3/10

ash = 3/10-5/10 = -2/10

Divya = 2/10-3/10 = -1/10

Regards