Workmen Compensation Reserve to the extent of liability should be credited to ______________

Bank A/c

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Cash A/c

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Workmen Compensation Claim A/c

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Partner's Capital A/c

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Solution

The correct option is C
Workmen Compensation Claim A/c

Workmen Compensation Reserve to the extent of liability should be credited to Workmen Compensation Claim A/c

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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 partner's capital 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.

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.

The balance of Workmen Compensation Reserve should be credited to ______________

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.

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Workmen Compensation Reserve to the extent of liability should be credited to ______________

The correct option is C Workmen Compensation Claim A/c Workmen Compensation Reserve to the extent of liability should be credited to Workmen Compensation Claim A/c

The correct option is C
Workmen Compensation Claim A/c

Workmen Compensation Reserve to the extent of liability should be credited to Workmen Compensation Claim A/c