Pass entries in the firm’s Journal for the following on admission of a partner:
i) Machinery be reduced by ₹ 16,000 and Building be appreciated by ₹ 40,000.
ii) Out of the amount of insurance which was debited to Profit & Loss A/c, 4,000 be carried forward as an unexpired insurance
iii) Provisions for warranty claims be increased by ₹ 12,000.
iv) Furniture (Books Value ₹ 50,000) is to be reduced by 40%.
v) Furniture (Books Value ₹ 50,000) is to be reduced to 40%.
