Accountancy, asked by jayneelbhimani5219, 4 months ago

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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Answered by Anonymous
1

Answer:

ANSWER

(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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