| X and Y are partners sharing profits equally. They admit Z for 1/3rd share in profits. Following information is available at the time of admission of Z. | ||||||||
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| Additional information: There was a claim on account of Workmen Compensation for Rs. 1,20,000 out of which 90,000 was accepted by the firm. | ||||||||
| What will be the impact on X's Capital Account for Revaluation Gain/loss? |
A) His Capital Account Credited with 5,000
B) His Capital Account Debited with 5,000
C) His Capital Account Credited with 10,000
D) No impact at all
Correct Answer: B
Solution :
His Capital Account Debited with 5,000
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