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  5. Admission of a Partner

12th Class Accountancy Admission of a Partner Question Bank MCQs - Reconstitution Of a Partnership Firm : Admission of a Partner

  • question_answer
    Mona and Tina were partners in a firm sharing profits in the ratio of 3 : 2. Naina was admitted with 1/6th share in the profits of the firm. At the time of admission. Workmen's Compensation Reserve appeared in the Balance Sheet of the firm at Rs. 32,000. The claim on account of workmen's compensation was determined at Rs. 40,000. Excess of claim over the reserve will be: (CBSE 2020)

    A) credited station account

    B) debited to revaluation account

    C) credited to old partner's capital account

    D) debited to old partner's capital account

    Correct Answer: B

    Solution :

    [b] debited to revaluation account


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