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Question 18 Chapter 4 of +2-Part-1
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Table of Contents
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:
- If there is no other information .
- If a claim on account of workmen compensation in due Rs.6,000.
- 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.
| Journal | |||||
| 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) | |||||
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(ii) If a claim on account of workmen compensation in due Rs.6,000.
| Journal | |||||
| 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.
| Journal | |||||
| 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 (Introduction)
- Chapter No. 3 – Partnership Accounts – II (Goodwill: Nature and Valuation)
- Chapter No. 4 – Partnership Accounts – III (Reconstitution of Partnership)
- Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)
- Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)
- Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)
- 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
- Chapter No. 2 – Financial Statement Analysis
- Chapter No. 3 – Tools of Financial Statement Analysis- Comparative and Common Size
- Chapter No. 4 – Ratio Analysis
- Chapter No. 5 – Cash Flow Statement
Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication
