\( A, B \) and \( C \) are partners in a firm sharing profits in the ratio of \( 3: 3: 2 \). From \( 1^{\text {st }} \) April 2021 they decided to share profits equally. On that date following balances appeared in their books;
Workman compensation reserve. ₹ \( 1,20,000 \)
Investment fluctuation reserve \( \quad ₹ 20,000 \)
Investments ( at cost)
\( ₹ 4,00,000 \)
It was agreed that;
- Goodwill of the firm be valued at \( ₹ 1,80,000 \)
- Investments be valued at \( ₹ 3,40,000 \).
Pass necessary journa! entries.
