1.

At the time of admission of a partner, what will be the effect of the following information?Balance in Workmen compensation reserve ₹40,000. Claim for workmen compensation ₹45,000.(A) ₹45,000 Debited to the Partner’s capital Accounts.(B) ₹40,000 Debited to Revaluation Account.(C) ₹5,000 Debited to Revaluation Account.(D) ₹5,000 Credited to Revaluation Account.

Answer»

Correct answer is: (C) ₹5,000 Debited to Revaluation Account.



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