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Accountancy · 2022 · 2 marks
Reconstitution of a Partnership Firm – Retirement/Death of a PartnerAdjustment of Accumulated Profits and Losses2 marksvery short answer
CBSE 2022 · Region 2 · Set 2 · Q3
Pass the necessary journal entries for the treatment of 'Workmen Compensati on Reserve' of ₹ $\displaystyle 2,64,000$ at the time of retirement of Abhimanyu when : (a) there is no claim against it, and (b) when a claim of ₹ $\displaystyle 54,000$ has been admitted against it. At the time of retirement of Abhimanyu, the firm had three partners Aviral, Abhimanyu and Mayank.
Marking-scheme solution
Journal
L.F. Debit Credit
Date Particulars
Amount Amount
(₹) (₹)
(i) Workmen Compensation Reserve A/c Dr. $\displaystyle 2,64,000$
To Aviral’s Capital A/c $\displaystyle 88,000$
To Abhimanyu’s Capital A/c $\displaystyle 88,000$
To Mayank’s Capital A/c $\displaystyle 88,000$
(Entry for the distribution of WCR in equal ratio when
there is no claim)
(ii)
Workmen Compensation Reserve A/c Dr. $\displaystyle 2,64,000$
To Workmen Compensation Claim A/c $\displaystyle 54,000$
To Aviral’s Capital A/c $\displaystyle 70,000$
To Abhimanyu’s Capital A/c $\displaystyle 70,000$
To Mayank’s Capital A/c $\displaystyle 70,000$
(Entry for creating workmen compensation claim and
distribution of remaining WCR in equal ratio)
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CBSE Class 12 Accountancy past-paper question from the 2022board exam, with the answer as CBSE’s own marking scheme gives it. Where our answers come from.