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

60000

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70000

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80000

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10000

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Solution

The correct option is A 60000
The workmen compensation reserve has a balance of Rs. 70,000 and a claim of Rs. 10,000. So, Rs. 60,000 (i.e. 70,000 - 10,000) can be transferred to partner's capital account.

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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 realisation account.

Q. On the death of a partner, the remaining balance in workmen compensation reserve is transferred to partner's capital account in their ratio.

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.

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

Q. Give the Journal entry to distribute "Workmen Compensation Reserve" of

R s . 72, 000

at the time of admission of

Z

When there is claim of

R s . 48, 000

against it. The firm has two partners

X

and

Y

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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

The correct option is A 60000The workmen compensation reserve has a balance of Rs. 70,000 and a claim of Rs. 10,000. So, Rs. 60,000 (i.e. 70,000 - 10,000) can be transferred to partner's capital account.

The correct option is A 60000
The workmen compensation reserve has a balance of Rs. 70,000 and a claim of Rs. 10,000. So, Rs. 60,000 (i.e. 70,000 - 10,000) can be transferred to partner's capital account.