Question 27 Chapter 4 of Class 12 Part – 1 - 2024

Question 27 Chapter 4 of Class 12 Part – 1 - 2024

27. X, Y and Z are partners in 3 : 2 : 1 ratio. They changed their ratio 2 : 2 : 1 with effect from 1 April, 2018. On this date workmen compensation reserve stood at ₹ 15,000.

Show the accounting treatment when workmen's compensation reserve a/c:
(i) When there is no liability against this account.
(ii) When there is liability ₹ 6,000 against this account.

The Solution of Question 27 Chapter 4 of Class 12 Part – 1 - 2024:-

We are providing a solution of Question 27 Chapter 4 of Class 12 Part – 1 - 2024 in two formats. one is in Video format and another is in article format. Check out both formats as follows:

1. Check out the Solution of this question in Video Format:-

The video consists solution of question numbers from 24 to 30 Chapter no. 4 class 12 of Usha publication. To check the direct solution of question no. 27 from the following video by using time stamps of the video.

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2. Check out the Solution of this question in Article Format:-

Journal

Date	Particulars		L.F.	Debit	Credit
(ix`)	Workmen Compensation Reserve a/c	Dr.		15,000
	To X’s Capital a/c				7,500
	To Y’s Capital a/c				5,000
	To Z’s Capital a/c				2,500
	(Being balance of WCR transferred to partners capital a/c in old profit sharing ratio)
(ii)	Workmen Compensation Reserve a/c	Dr.		15,000
	To Workmen compensation claim payable a/c				6,000
	To X’s Capital a/c				4,500
	To Y’s Capital a/c				3,000
	To Z’s Capital a/c				1,500
	(Being after adjustment of WCR claim a/c, the balance of WCR transferred to partners capital a/c in old profit sharing ratio)