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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.

Option 1: Rs. 28,000 Debited to the Partner's capital Accounts. 

Option 2: Rs. 2,000 Debited to Revaluation Account.

Option 3: Rs. 8,000 Credited to the Partner's capital Accounts.

Option 4:  Rs. 20,000 to Debited Revaluation Account 


Team Careers360 12th Jan, 2024
Answer (1)
Team Careers360 16th Jan, 2024

Correct Answer: Rs. 8,000 Credited to the Partner's capital Accounts.


Solution : Answer = Rs. 8,000 Credited to the Partner's capital Accounts.

Workmen Compensation Reserve A/c Dr     28,000

To Claim for Compensation A/c                                  20,000

To Partner's Capital A/c                                                 8,000

Hence, the correct option is 3.

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