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WCR = 30,000 and there is no claim against WCR. What journal entry would be passed in case when X,Y and Z decide to change profit sharing ratio from 2:1:2 to 5:3:2- a. Workmen Compensation Reserve A/c Dr 30,000 To Provision for workmen compensation claim 10,000 To X’ Capital or current A/c 8,000 To Y’ Capital or current A/c 4,000 To Z’ Capital or current A/c 8,000 b. Workmen Compensation Reserve A/c Dr30,000 Revaluation a/c…………………………………..Dr 10,000 To Provision for workmen compensation claim 40,000 c. Workmen Compensation Reserve A/c Dr 30,000 To X’ Capital or current A/c 12,000 To Y’ Capital or current A/c 6,000 To Z’ Capital or current A/c 12,000 d. Workmen Compensation Reserve A/c Dr 30,000 To X’ Capital or current A/c 15,000To Y’ Capital or current A/c 9,000 To Z’ Capital or current A/c 6,000 |
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Answer» Correct option is c. Workmen Compensation Reserve A/c Dr 30,000 To X’ Capital or current A/c 12,000 To Y’ Capital or current A/c 6,000 To Z’ Capital or current A/c 12,000 |
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