Question : At the time of admission of a partner, what will be the effect of the following information? Balance in Workmen compensation reserve Rs. 28,000. Claim for workmen compensation Rs. 20,000.
Option 1: Rs. 28,000 Debited to the Partner's capital Accounts.
Option 2: Rs. 2,000 Debited to Revaluation Account.
Option 3: Rs. 8,000 Credited to the Partner's capital Accounts.
Option 4: Rs. 20,000 to Debited Revaluation Account
Correct Answer: Rs. 8,000 Credited to the Partner's capital Accounts.
Solution : Answer = Rs. 8,000 Credited to the Partner's capital Accounts.
Workmen Compensation Reserve A/c Dr 28,000
To Claim for Compensation A/c 20,000
To Partner's Capital A/c 8,000 Hence, the correct option is 3.
Question : At the time of admission of a partner, what will be the effect of the following information? Balance in Workmen compensation reserve Rs. 1,40,000. Claim for workmen compensation Rs. 1,10,000.
Option 1: Rs. 1,40,000 Debited to the Partner's Capital Accounts.
Option 2: Rs. 1,10,000 Debited to Revaluation Account.
Option 3: Rs. 30,000 Credited to the Partner's Capital Accounts.
Option 4: Rs. 30,000 to Debited Revaluation Account.
Question : At the time of admission of a partner, what will be the effect of the following information? Balance in Workmen compensation reserve Rs. 20,000. Claim for workmen compensation Rs. 45,000.
Option 1: Rs. 5,000 Debited to the Partner's capital Accounts.
Option 2: Rs. 40,000 Debited to Revaluation Account.
Option 3: Rs. 25,000 Debited to Revaluation Account.
Option 4: Rs. 40,000 Credited to Revaluation Account.
Question : R, S and T are partners. Before changing their profit-sharing ratio to 5:3:2, they were sharing profit equally. Workmen's compensation reserve exited at Rs 1,00,000 against which a claim existed at Rs 20,000. The total amount that will be credited to their capital accounts in their old profit-sharing ratio will be?
Option 1: Rs 1,00,000
Option 2: Rs 80,000
Option 3: Rs 1,00,000 credited and Rs 20,000 debited
Option 4: Rs 20,000 credited and Rs 1,00,000 debited
Question : On dissolution of a firm, a partner took over Rs.34,000 investments for Rs.28,000. Which one of the following accounts will be debited/credited with how much amount?
Option 1: Partner's Capital Account Debit with 28,000
Option 2: Partner's Capital Account Credit with 34,000
Option 3: Realisation Account Credit with 34,000
Option 4: Realisation Account debited with 34,000
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