Question : At the time of admission of a partner, what will be the effect of the following information? Balance in Workmen compensation reserve Rs. 20,000. Claim for workmen compensation Rs. 45,000.
Option 1: Rs. 5,000 Debited to the Partner's capital Accounts.
Option 2: Rs. 40,000 Debited to Revaluation Account.
Option 3: Rs. 25,000 Debited to Revaluation Account.
Option 4: Rs. 40,000 Credited to Revaluation Account.
Correct Answer: Rs. 25,000 Debited to Revaluation Account.
Solution : Answer = Rs. 25,000 Debited to Revaluation Account
W. Compensation Reserve A/c Dr 20,000
Revaluation A/c Dr 25000
To Claim for Compensation - 45000 Hence, the correct option is 3.
Question : At the time of admission of a partner, what will be the effect of the following information? Balance in Workmen compensation reserve Rs. 28,000. Claim for workmen compensation Rs. 20,000.
Question : At the time of admission of a partner, what will be the effect of the following information? Balance in Workmen compensation reserve Rs. 1,40,000. Claim for workmen compensation Rs. 1,10,000.
Question : When a new partner is admitted the balance of 'General Reserve' appearing in the Balance Sheet at the time of admission is credited to
Question : Hari and Kavi are partners sharing profits and losses in the ratio of 3: 2. They admit Ravi as a partner who contributes Rs. 30,000 as his capital for 1/5th share in the profits of the firm. It is decided that after Ravi's admission, the capitals of the Hari and Kavi will
Question : Cake and Muffin are partners sharing profits and losses in the ratio of 5: 4. On 1st April, 2016, they admit Cookie as a new partner for 1/6th share in the profits of the firm and the new ratio agreed upon is 3: 2: 1.
Goodwill, at the time of Cookie's admission is
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