At the time of admission of a new partner, in case there is no workmen's compensation claim, the total amount of workmen's compensation fund will be:-

Credited to old partners' capital account in their old profit sharing ratio

The correct answer is option 1- Credited to old partners' capital account in their old profit sharing ratio.

At the time of admission of a new partner, in case there is no workmen's compensation claim, the total amount of workmen's compensation fund will be Credited to old partners' capital account in their old profit sharing ratio. 

When a new partner is admitted, and there is no liability or claim against the Workmen’s Compensation Fund, the amount in the fund is no longer required for any specific purpose. Therefore, it is distributed among the old partners, since it was accumulated from profits before the new partner joined. Since the fund was created before the new partner's admission, it belongs to the old partners only. It is thus credited to their capital accounts. The old profit sharing ratio is used because the distribution pertains to the period before the new partner's admission.

ACCUMULATED PROFIT- Sometimes a firm may have accumulated profits not yet transferred to capital accounts of the partners. These are usually in the form of general reserve, reserve and/or Profit and Loss Account. The new partner is not entitled to have any share in such accumulated profits. These are distributed among the partners by transferring it to the credit side of their capital current accounts in old profit-sharing ratio. Similarly, if there are some accumulated losses in the form of a debit balance of profit and loss account and/or deferred revenue expenditure appearing in the balance sheet of the firm. It should be transferred to the debit side of old partners’ capital accounts. The journal entry for the transfer of accumulated profits:
Profit and loss A/c 
    To old partners’ capital/current A/c