Nitin, Tarun and Amar are partners sharing profits equally and decide to share profits in the ratio of 2 : 2 : 1 w.e.f . 1st April, 2018. The extract of their Balance Sheet as at 31st March, 2018 is as follows:
Pass the journal entries in each of the following situations:
(i) When its Market Value is not given;
(ii) When its Market Value is given as Rs. 4,00,000;
(iii) When its Market Value is given as Rs. 4,24,000;
(iv) When its Market Value is given as Rs. 3,70,000;
(v) When its Market Value is given as Rs. 3,10,000.
