Vishal and Pulkit were partners in a firm sharing profits and losses in the ratio of $\displaystyle 7$ : 3. The following is the extract of their Balance Sheet as at 31st March, 2024. Balance Sheet of Vishal and Pulkit as at 31st March, $\displaystyle 2024$ Amount Amount Liabilities Assets ( ) $\displaystyle 3$ ( ) $\displaystyle 3$ Investment Fluctuation Fund $\displaystyle 5,00,000$ Investments $\displaystyle 50,00,000$ Workmen Compensation Fund $\displaystyle 25,00,000$ $\displaystyle 1$ On 1st April, $\displaystyle 2024$, Tarun was admitted as a new partner for th share $\displaystyle 10$ in the profits of the firm on the following terms : (i) Market value of investments was ₹ $\displaystyle 44,00$,000. (ii) Claim on account of Workmen Compensation was estimated at ₹ $\displaystyle 25,00$,000. Pass necessary journal entries for treatment of Investment Fluctuation Fund and Workmen Compensation Fund on the date of Tarun's admission.

JOURNAL Date Particulars L.F. Dr. Cr. `) `) Amount ( Amount ( $\displaystyle 2024$ Revaluation A/c Dr. $\displaystyle 1,00,000$ April $\displaystyle 1$ Investment Fluctuation Fund A/c Dr. $\displaystyle 5,00,000$ To Investment A/c $\displaystyle 6,00,000$ (Loss on Investment of `$\displaystyle 5,00,000$ covered from Investment Fluctuation Fund and `$\displaystyle 1,00,000$ transferred to Revaluation A/c) $\displaystyle 2024$ Workmen Compensation Fund A/c Dr. $\displaystyle 25,00,000$ April $\displaystyle 1$ To Workmen Compensation Claim A/c $\displaystyle 25,00,000$ (Workmen Compensation Claim covered from Workmen Compensation Fund) .