A specific reserve created to compensate workers in the event of any medical illnesses while they are working is called compensation reserve.

workmen compensation

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Solution

The correct option is A workmen compensation
The workmen compensation reserve is a specific reserve created to compensate workers in the event of any medical illnesses contracted or injuries suffered by workers while they are working.

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Lavanya and Priya were partners sharing profits in the ratio of 2 : 1. Pass journal entries for the following transactions at the time of dissolution firm:

(i) Workmen Compensation Reserve stood Rs 1,50,000 in the Balance Sheet and there was no liability towards Workmen Compensation.

(ii) Workmen Compensation Reserve stood at Rs 1,50,000 in the Balance Sheet and liability in respect of it was ascertained at Rs 90,000.

(iii) Workmen Compensation Reserve stood at Rs 1,50,000 in the Balance Sheet and liability in respect of it was ascertained at Rs 1,50,000.

(iv) Workmen Compensation Reserve stood at Rs 1,50,000. In the Balance Sheet and liability in respect of it was ascertained at Rs 2,00,000.

(v) There was no Workmen Compensation Reserve in the Balance Sheet and firm had to pay Rs 40,000 as compensation to the workers.

Q. After making provision for claim if any, balance of workmen's compensation reserve is distributed among ___ partners in their ___ ratio:

Q. Workmen compensation reserve is given in the balance sheet at ₹ 50,000. Workmen compensation liability arose for ₹ 55,000. Pass the journal entry to provide workmen compensation.

[0.88 marks]

The balance of Workmen Compensation Reserve should be credited to ______________

Transfer of Workmen Compensation Reserve is shown in which side of partner's capital accounts?

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A specific reserve created to compensate workers in the event of any medical illnesses while they are working is called compensation reserve.

The correct option is A workmen compensationThe workmen compensation reserve is a specific reserve created to compensate workers in the event of any medical illnesses contracted or injuries suffered by workers while they are working.

The correct option is A workmen compensation
The workmen compensation reserve is a specific reserve created to compensate workers in the event of any medical illnesses contracted or injuries suffered by workers while they are working.