CUET Accountancy - If there is no claim against Workmen Compensation Reserve, it is __________ at the time of admission of a partner. | PYQs + Solutions

CUET Accountancy

Partnership

Easy

debited to old partners' capital account

credited to all partners' capital accounts

credited to old partners' capital accounts

debited to all partners' capital accounts

✅ Correct Option: 3

Related questions:

13 May Shift 1

Excess value of net assets over purchase consideration at the time of purchase of business is credited to

15 May Shift 1

The steps involved in calculation of Goodwill under Super Profit method are:

(A) Calculate the super profits by deducting normal profit from the average profits.

(B) Calculate the normal profit on the firm's capital on the basis of the normal rate of return.

(D) Calculate goodwill by multiplying the super profits by the given number of years' purchase.

Choose the correct sequence of steps from the options given below:

26 May Shift 2

Vijay and Manohar share profits and losses in the ratio of 2:1. They admit Prakash as a partner with 1/4 share in profits with a guarantee that his share of profit will be at least Rs. 50,000. The net profit of the firm for the year ending March 31, 2015, was Rs. 1,60,000. Calculate the amount of profit Vijay will get:

CUET Accountancy PYQs

Keyboard Shortcuts