Sudhir and Balbir were partners in a firm sharing profits and losses in the ratio of $\displaystyle 5$ : 4. The following is the extract of their Balance Sheet as at 31st March, 2024. Balance Sheet of Sudhir and Balbir as at 31st March, $\displaystyle 2024$ Amount Amount Liabilities Assets ( ) $\displaystyle 2$ ( ) $\displaystyle 2$ Investment Fluctuation Fund $\displaystyle 15,00,000$ Investments $\displaystyle 75,00,000$ Workmen Compensation Fund $\displaystyle 50,00$,000st 1th On $\displaystyle 1$ April, $\displaystyle 2024$, Sushant was admitted as a new partner for share $\displaystyle 9$ in the profits of the firm on the following terms : (i) Market value of investments was ₹ $\displaystyle 60,00$,000. (ii) Claim on account of Workmen Compensation was estimated at ₹ $\displaystyle 41,00$,000. Pass necessary journal entries for treatment of Investment Fluctuation Fund and Workmen Com pensation Fund on the date of Sushant's admission.

JOURNAL Date Particulars L.F. Dr. Cr. `) `) Amount ( Amount ( $\displaystyle 2024$ Investment Fluctuation Fund A/c Dr. $\displaystyle 15,00,000$ April $\displaystyle 1$ To Investment A/c $\displaystyle 15,00,000$ (Investment Fluctuation Fund of `$\displaystyle 15,00,000$ used to cover loss on investment) $\displaystyle 2024$ Workmen Compensation Fund A/c Dr. $\displaystyle 50,00,000$ April $\displaystyle 1$ To Workmen Compensation Claim A/c $\displaystyle 41,00,000$ To Sudhir’s Capital A/c $\displaystyle 5,00,000$ To Balbir’s Capital A/c $\displaystyle 4,00,000$ (Workmen Compensation Claim of `$\displaystyle 41,00,000$ covered from Workmen Compensation Fund and `$\displaystyle 9,00,000$ transferred to old partners’ capital in old ratio ) .