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 2

The goodwill based on capitalization of average profit method is valued at Rs 1,80,000. If Net Assets are Rs 8,20,000 then find the capitalized value of average profits.

13 May Shift 2

A and B are partners sharing profits in the ratio of 3:2. They admit C for 1/5th share in the future profits which he gets equally from both A and B. The new profit sharing ratio will be:

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

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CUET Accountancy PYQs

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