At the time of dissolution of the firm if Workman's Compensation Reserve was not given in balance sheet & liability arises of Rs. 10,000, pass the Journal Entry.
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(i) Workmen Compensation Reserve a/c.... Dr 72000
To Workmen Compensation Claim a/c 48000
To X's Capital a/c 12000
To Y's Capital a/c 12000
(Being adjustment of workmen compensation reserve partly for the claim and rest in the ratio of 1:1)
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