Question:
If there is no claim against Workmen Compensation Reserve, it is __________ at the time of admission of a partner
Fill in the blanks with the correct answer from the option given below
If there is no claim against Workmen Compensation Reserve, it is __________ at the time of admission of a partner
Fill in the blanks with the correct answer from the option given below
Fill in the blanks with the correct answer from the option given below
Updated On: Oct 29, 2024
- Debited to old partners' capital account
- Credited to all partners' capital accounts
- Credited to old partners' capital accounts
- Debited to all partners' capital accounts
Hide Solution
Verified By Collegedunia
The Correct Option is C
Solution and Explanation
If there is no claim against Workmen Compensation Reserve, the balance is transferred to the old partners' capital accounts in their profit-sharing ratio.
Hence, the correct answer is Option 3.
Hence, the correct answer is Option 3.
Was this answer helpful?
0
0
Top Questions on Reconstitution of Partnership
- If a share of 100 on which 80 was called up and 70 paid up was forfeited, state the amount with which the share capital account will be debited:
- CUET (UG) - 2024
- Accountancy
- Reconstitution of Partnership
- Which of the following would affect the Revaluation Account at the time of admission of a partner?
(A) Increase in assets
(B) Drawings against capital
(C) Recording of unrecorded assets
(D) Decrease in liabilities- CUET (UG) - 2024
- Accountancy
- Reconstitution of Partnership
- The adjustment required for overvaluation of closing stock, while calculating adjusted profit for calculating goodwill is:
(A) reduction from concerned years profit.
(B) reduction from next years profit.
(C) addition to next years profit.
(D) addition to previous years profit.
Choose the correct answer from the options given below :- CUET (UG) - 2024
- Accountancy
- Reconstitution of Partnership
- Which of the following would affect the Revaluation Account at the time of reconstitution of a partnership firm?
- CUET (UG) - 2024
- Accountancy
- Reconstitution of Partnership
- Kavita and Lalita are partners sharing profits in the ratio of 2:1. They decide to admit Mohan for 1/4th share in future profits with a guaranteed amount of ₹25,000.Both Kavita and Lalita undertake to meet liability arising due to gauranteed amount to Mohan in their respective profit sharing ratio. The firm earned profits of ₹76,000 for the year 2022-23. The deficiency borne by Kavita is
- CUET (UG) - 2024
- Accountancy
- Reconstitution of Partnership
View More Questions
Questions Asked in CUET exam
- A molecule X associates in a given solvent as per the following equation:
X ⇌ (X)n
For a given concentration of X, the van’t Hoff factor was found to be 0.80 and the
fraction of associated molecules was 0.3. The correct value of ‘n’ is:- CUET (UG) - 2024
- Solutions
- Who devised the concept of Intelligence Quotient (IQ)?
- CUET (UG) - 2024
- Psychological attributes
- Two pipes A and B can fill a tank in 32 minutes and 48 minutes respectively. If both the pipes are opened simultaneously, after how much time B should be turned off so that the tank is full in 20 minutes?
- CUET (UG) - 2024
- Time and Work
- If \(A = \begin{bmatrix} 3 & 2 \\ -1 & 1 \end{bmatrix} \quad \text{and} \quad B = \begin{bmatrix} -1 & 0 \\ 2 & 5 \\ 3 & 4 \end{bmatrix},\)then \((BA)^T\) is equal to:
- CUET (UG) - 2024
- Matrices
- The spin-only magnetic moment of Hexacyanomanganate(II) ion is.........BM
- CUET (UG) - 2024
- Magnetic moment
View More Questions