If there is no claim against Workmen Compensation Reserve, it is __________ at the time of admission of a partner. Option 1: debited to old partners' capital account Option 2: credited to all partners' capital accounts Option 3: credited to old partners' capital accounts Option 4: debited to all partners' capital accounts

The answer is 'credited to old partners' capital accounts'. View full solution:

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:

3 June Shift 1

The journal entries recorded for revaluation of assets and reassessment of liabilities are given here, find the correct :

(A) For increase in the value of an asset

Asset A/c Dr.

To Revaluation A/c

(B) For reduction in the value of an asset

Revaluation A/c Dr.

Asset A/c

Liability A/c Dr.

To Revaluation A/c

(D) For recording in the amount of a unrecorded liability

Revaluation A/c Dr.

To Liability A/c

Choose the correct answer from the options given below:

31 May Shift 1

Match List-I with List-II

List-I	List-II
Method of Valuation of Goodwill	Formula
(A) Average profit method	(I) Goodwill = Super profit × No. of years purchased
(B) Super Profit Method	(II) Goodwill = capitalized value of average profit - actual firm's capital.
(C) Capitalization of super profit method	(III) Goodwill = Average Profits × No. of years purchased
(D) Capitalization of average profit method	(IV) Goodwill = (Super profit/ Normal Rate of Return) × 100

Choose the correct answer from the options given below:

3 June Shift 1

Naveen and Ghanshyam are partners in a firm sharing profits in the ratio of 3:2. They admitted Daniel as a new partner for 1/4 share. The new profit sharing ratio between Naveen and Ghanshyam will be 2:1. Calculate the New profit sharing ratio of Naveen, Ghanshyam and Daniel :

CUET Accountancy PYQs

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