[ISC] Q. 56 Solution of Admission of Partner TS Grewal Accounts Class 12 (2023-24)
Solution to Question number 56 of the Admission of partner chapter 3 of TS Grewal Book 2023-24 Edition ISC/CISCE Board.
Pronoy, Jagjit and Sachin are partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. They admit Rajdeep as a partner and share future profits and losses equally with effect from 1st April, 2023. An extract of their Balance Sheet as at 31st March, 2023 is:
| Liabilities | ₹ | Assets | ₹ |
| Workmen Compensation Reserve | 12,000 | ——————- | ——- |
Show the accounting treatment of Workmen Compensation Reserve under following alternative cases:
Case 1. When there is no other information.
Case 2. When a claim on account of Workmen Compensation is ₹ 1,500.
Case 3. When a claim on account of Workmen Compensation is ₹ 22,000.
Solution:-
