X and Y are partners in a firm sharing profits in the ratio of 4:1. Z is admitted in the firm for 51 share. On the admission of Z there was a balance of Rs. 20,000 in general reserve. What would be the journal entry for distributing the reserve.
Held on 15 Jul 2022 · Verified 13 Jul 2026.
General Reserve a/c Dr Rs. 20,000
To X's Capital A/c Rs.16,000
To Y's Capital A/c Rs. 4,000
(Being Reserve distributed)
General Reserve a/c Dr Rs. 20,000
To X's Capital A/c Rs. 20,000
General Reserve a/c Dr Rs. 20,000
To Y's Capital A/c Rs. 20,000
General Reserve a/c Dr Rs. 20,000
To X's Capital A/c Rs. 10,000
To Y's Capital A/c Rs. 10,000
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