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

JOURNAL Date Particulars L.F. Dr. Cr. `) `) Amount ( Amount ( $\displaystyle 2024$ Investment Fluctuation Fund A/c Dr. $\displaystyle 6,00,000$ April $\displaystyle 1$ To Investment A/c $\displaystyle 2,00,000$ To Vinay’s Capital A/c $\displaystyle 2,40,000$ To Pankaj’s Capital A/c $\displaystyle 1,60,000$ (Investment Fluctuation Fund of `$\displaystyle 2,00,000$ used to cover loss on investment and remaining `$\displaystyle 4,00,000$ divided among old partners in old ratio) $\displaystyle 2024$ Revaluation A/c Dr. $\displaystyle 1,00,000$ April $\displaystyle 1$ Workmen Compensation Fund A/c Dr. $\displaystyle 8,00,000$ To Workmen Compensation Claim A/c $\displaystyle 9,00,000$ (Workmen Compensation Claim of `$\displaystyle 8,00,000$ covered from Workmen Compensation Fund and `$\displaystyle 1,00,000$ transferred to Revaluation A/c) .