Question

(a) What is Legacy?
(b) What is the nature of Receipts and Payment account?
(c) Old ratio is, itself.... ratio unless otherwise mentioned
(d) What is amount of Compensation ?​

Answer 1

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Explanation:

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Answer 2

a) an amount of money or property left to someone in a will.

b) answer in photo

c) Sacrificing Ratio is the ratio in which the partners give up their share of profits for the new partner. If a new ratio is given, Sacrificing ratio= Old Ratio- New Ratio. If nothing has been specified, the sacrificing ratio is the old profit sharing ratio of the partners before admission.

d) The Workmen Compensation Act mandates the employer to pay a compensation amount equal to 50% of monthly wages (maximum monthly wage ceiling of Rs. 8000) of the deceased employee multiplied by the relevant factor, or a sum of Rs. 140,000, whichever is higher.

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