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Question
Match the following items at the time of retirement. Workmen Compensation Reserve in Balance Sheet is ₹ 50,000:
| (i) | Actual claim for Workmen Claim is ₹ 40,000 | (a) | Debit Workmen Compensation Reserve by ₹ 50,000 and Credit Provision for Workmen Claim by ₹ 40,000 and Partner's Capital A/c by ₹ 10,000 |
| (ii) | Actual claim for Workmen Claim is ₹ 60,000 | (b) | Debit Workmen Compensation Reserve by ₹ 50,000 and Revaluation A/c by ₹ 10,000 and Credit Provision for Workmen Claim by ₹ 60,000 |
| (c) | Debit Provision for Workmen Claim and Credit revaluation A/c by ₹ 10,000 | ||
| (d) | Debit partner's capital A/cs and Credit Workmen Compensation Reserve A/c by ₹ 10,000 |
Match the Columns
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Solution
| (i) | Actual claim for Workmen Claim is ₹ 40,000 | (a) | Debit Workmen Compensation Reserve by ₹ 50,000 and Credit Provision for Workmen Claim by ₹ 40,000 and Partner's Capital A/c by ₹ 10,000 |
| (ii) | Actual claim for Workmen Claim is ₹ 60,000 | (b) | Debit Workmen Compensation Reserve by ₹ 50,000 and Revaluation A/c by ₹ 10,000 and Credit Provision for Workmen Claim by ₹ 60,000 |
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