Accountancy > Accounting For Partnership Firms > Admission Of A Partner

Manav and Adi were partners in a firm sharing profits and losses in the ratio of 5: 3. Roy was admitted with $\frac{1}{5}^{th}$ share in the profits of the firm. At the time of Roy's admission, Workmen's Compensation Reserve appeared in the Balance Sheet of the firm at ₹4,00,000. The claim on account of workmen's compensation was determined at ₹4,40,000. The excess amount of claim over the reserve will be debited to: