1.

A, B and C are partners sharing profits and losses in the ratio of 2:2:1. They admitted D for 14th share with effect from 1st April, 2017. An extract of their Balance Sheet as at 31st March, 2017 is as follows: Capital and LiabilitiesRsAssetsRsWorkmen Compensation Reserve80,000 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.

Answer»

A, B and C are partners sharing profits and losses in the ratio of 2:2:1. They admitted D for 14th share with effect from 1st April, 2017. An extract of their Balance Sheet as at 31st March, 2017 is as follows:

Capital and LiabilitiesRsAssetsRsWorkmen Compensation Reserve80,000

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.



Discussion

No Comment Found

Related InterviewSolutions