Accountancy, asked by tasneem1804, 7 months ago

workmen compensation reserve is close by

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Answered by Anonymous

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Workmen Compensation reserve is a reserve which has been set aside from free reserves only for meeting the unforeseen future contingencies for workmen compensation to be paid for any mishappening and accident happen to workmen at the workplace. Workmen Compensation reserves are having a credit balance and appear in the Balance Sheet on the liability side of the Balance Sheet. Sometimes, the firm creates workmen compensation reserves are created from divisible profits of the business for meeting the liability of workmen compensation to arise in the future.

Answered by Anonymous

Answer:

Workmen Compensation Reserve is a reserve created out of firm's profits to meet possible liability to pay compensation to employees, if it arises. It means, a claim may or may not arise. It also means that claim may be higher than amount of reserve.

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