24. Bhavya and Sakshi are partners in a firm, sharing profits and losses in the ratio of 3: 2. On 31st March, 2018, their Balance Sheet was as under:

Liabilities

₹

Assets

₹

Sundry Creditors

13,800

Furniture

16,000

General Reserve

23,400

Land and Building

56,000

Investment Fluctuation Fund

20,000

Investments

30,000

Bhavya’s Capital

50,000

Trade Receivables

18,500

Sakshi’s Capital

40,000

Cash in Hand

26,700

1,47,200

1,47,200

(i) Investments to be valued at ₹20,000.

(ii) Goodwill of the firm be valued at ₹24,000.

(iii) General Reserve not to be distributed between the partners.

You are required to pass necessary Journal entries in the books of the firm. Show Workings.

(CBSE Sample Question Paper 2018)