Vinay and Pankaj were partners in a firm sharing profits and losses in the ratio of 3 : 2. The following is the extract of their Balance Sheet as at 31st March, 2024 :
Balance Sheet of Vinay and Pankaj as at 31st March, 2024| Liabilities | Amount (₹) | Assets | Amount (₹) |
|---|
| Investment Fluctuation Fund | 6,00,000 | Investments | 15,00,000 |
|---|
| Workmen Compensation Fund | 8,00,000 | | |
|---|
On 1st April, 2024, Parth was admitted as a new partner for \(\frac{1}{5}\) share in the profits of the firm on the following terms:
Market value of investments was \u20b9 13,00,000.
Claim on account of Workmen Compensation was estimated at \u20b9 9,00,000.
Pass necessary journal entries for treatment of Investment Fluctuation Fund and Workmen Compensation Fund on the date of Parth\u2019s admission.