Question

Mona and Naina were partners in a firm sharing profits in the ratio of 3:2.
Naina was admitted with 1/6th share in the profits of the firm. At the time
of admission Workmen's Compensation reserve appeared in the Balance
Sheet of the firm at 32,000. The claim on account of workmen's
compensation was determined at 240,000. Excess of claim over the
reserve will be:
1. Credited to Revaluation Account
2. Debited to Revaluation Account.
3. Credited to old partner's Capital Account.
4. Debited to old partner's Capital Account​

Answer 1

Answer:

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