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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 ₹40,000. Claim for workmen compensation ₹45,000.
Options
₹45,000 Debited to the Partner’s capital Accounts.
₹40,000 Debited to Revaluation Account.
₹5,000 Debited to Revaluation Account.
₹5,000 Credited to Revaluation Account.
MCQ
Solution
₹5,000 Debited to Revaluation Account.
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Admission of a Partner - Revaluation of Assets and Liabilities
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