Question : If there is no claim against Workmen Compensation Reserve, it is _____ at the time of admission of a partner.
Fill in the blank with the correct answer from the options given below.
Option 1: debited to old partners' capital account.
Option 2: credited to all partners' capital accounts.
Option 3: credited to old partners' capital accounts
Option 4: debited to all partners' capital accounts.
Correct Answer: credited to old partners' capital accounts
Solution : If there is no claim against the Workmen Compensation Reserve, it is credited to the old partners' capital accounts at the time of admission of a partner.
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