The balance of Workmen Compensation Reserve should be credited to ______________

Bank A/c

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Workmen Compensation Claim A/c

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Partner's Capital A/c

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None of these

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Solution

The correct option is C
Partner's Capital A/c

The balance of Workmen Compensation Reserve should be credited to Partner's Capital A/c

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Similar questions

Q. The workmen compensation reserve has a balance of Rs.70,000 and a claim of Rs.10,000. So, rupees can be transferred to partner's capital account

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Q. The workmen compensation reserve has a balance of Rs. 70,000 and a claim of Rs. 10,000. So, rupees can be transferred to realisation account.

A, B and C are partners sharing profits and losses in the ratio of 2:2:1. They admitted D for $\frac{1}{4} t h$ share with effect from 1st April, 2017. An extract of their Balance Sheet as at 31st March, 2017 is as follows:

$\begin{matrix} Capital and Liabilities & Rs & Assets & Rs Workmen Compensation Reserve & 80, 000 \end{matrix}$

Show the accounting treatment under the following alternative cases:

Case 1. If then is no other information.

Case 2. If a claim for workmen compensation is estimated at Rs 50,000.

Case 3. If a claim for workmen compensation is estimated at Rs 80,000.

Case 4. If a claim for workmen compensation is estimated at Rs 1,00,000.

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.

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The balance of Workmen Compensation Reserve should be credited to ______________

The correct option is C Partner's Capital A/c The balance of Workmen Compensation Reserve should be credited to Partner's Capital A/c

The correct option is C
Partner's Capital A/c

The balance of Workmen Compensation Reserve should be credited to Partner's Capital A/c