Question 18 Chapter 4 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 18 Chapter 4 of +2- Part-

Question 18 Chapter 4 of +2-Part-1

18. (Treatment of Workmen Compensation Reserve) X, Y and Z are partners in 2:3:1 ratio. The new ratio will be 1:2:3. Extract of the balance sheet was followed:

Liabilities Amount
Workmen Compensation Reserve 30,000

Show accounting treatment in each of the following:

  1. If there is no other information .
  2. If a claim on account of workmen compensation in due Rs.6,000.
  3. If a claim on account of workmen compensation in due Rs.33,000.

 

 

The solution of Question 18 Chapter 4 of +2 Part-1: – 

 

 

(i) If there is no other information.

In the Books of _______________
Date Particulars
L.F. Debit Credit
           
  Workmen Compensation Reserve a/c Dr.   30,000  
  To X’s Capital A/c (1,08,000*5/30)       10,000
  To Y’s Capital A/c (1,08,000*5/30)       15,000
  To Z’s Capital A/c (1,08,000*5/30)       5,000
  (Being WCR credited in 2:3:1 ratio)      
         

 

(ii) If a claim on account of workmen compensation in due Rs.6,000.

In the Books of _______________
Date Particulars
L.F. Debit Credit
           
  Workmen Compensation Reserve a/c Dr.   30,000  
  To Claim Payable A/c       6,000
  To X’s Capital A/c        8,000
  To Y’s Capital A/c       12,000
  To Z’s Capital A/c       4,000
  (Being WCR credited in 2:3:1 ratio)      
         

 

(iii) If a claim on account of workmen compensation in due Rs.33,000.

In the Books of _______________
Date Particulars
L.F. Debit Credit
           
  Revaluation a/c Dr.   3,000  
  Workmen Compensation Reserve a/c Dr.   30,000  
  To Claim Payable A/c       33,000
  (Being claim payable)        
           
  X’s Capital A/c  Dr.   1,000  
  Y’s Capital A/c Dr.   1,500  
  Z’s Capital A/c Dr.   500  
  To Revaluation A/c       3,000
  (Being WCR credited in 2:3:1 ratio)      
         

 

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Also, Check out the solved question of previous Chapters: –

Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution

Chapter No. 1 – Accounting Not for Profit Organisations

Chapter No. 2 – Partnership Accounts – I

Chapter No. 3 – Partnership Accounts – II (Introduction)

Chapter No. 4 – Partnership Accounts – III (Goodwill: Nature and Valuation)

Chapter No. 5 – Partnership Accounts – IV (Reconstitution of Partnership)

Chapter No. 6 – Partnership Accounts – V (Admission of A Partner)

Chapter No. 7 – Partnership Accounts – VI (Retirement and Death of A Partner)

Chapter No. 8 – Company Accounts (Share Capital)

Chapter No. 9 – Company Accounts (Issue of Debentures)

Chapter No. 10 – Company Accounts (Redemption of Debentures)

Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution

Chapter No. 1 – Financial Statements of a Company (Balance Sheet Only)

Chapter No. 2 – Techniques of Financial Statement Analysis

Chapter No. 3 – Ratio Analysis 

Chapter No. 4 – Cash Flow Statement

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

2 Book 1 min - Question 18 Chapter 4 of +2 Part-1 - USHA Publication  12 Class Part - 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

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