Guru and Prasad are partners in a firm. They admit Sevak as a new partner for equal share in profits. On the date of admission, there was a liability on account of Workmen's Compensation amounted to Rs. 20,000. How will the Workmen's Compensation claim be treated in the books of account on Sevak's admission?
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Answer:At the time of admisson of new partner; workman compensation divide in the old ratio equal i.e old ratio 1:1 between old partner
Explanation:like
workman's compensation A/c Dr to guru capital a/c to prasad capital a/c but you wriet in the formate of journal
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