2024 Slot 1 PYQs

If there is no claim against Workmen Compensation Reserve, it is __________ at the time of admission of a partner.

Kavita and Lalita are partners, sharing profits in the ratio of 2:1. They decide to admit Mohan for 1/4th share in profits with a guaranteed amount of ₹ 25,000. Both Kavita and Lalita undertake to meet the liability arising due to the guaranteed 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:

Which of the following would affect the Revaluation Account at the time of admission of a partner?