X, Y and Z who are presently sharing profits and losses in the ratio of 5 : 3 : 2 decide to share future profits and losses in the ratio of 2 : 3 : 5 . with effect from 1st April, 2018. Workmen Compensation Reserve appears at ₹ 1,20,000 in the Balance Sheet as at 31st March, 2018 and Workmen Compensation Claim is estimated at ₹ 1,50,000. Pass journal entries for the accounting treatment of Workmen Compensation Reserve.

X, Y and Z who are presently sharing profits and losses in the ratio o

1.	X, Y and Z who are presently sharing profits and losses in the ratio of 5 : 3 : 2 decide to share future profits and losses in the ratio of 2 : 3 : 5 . with effect from 1st April, 2018. Workmen Compensation Reserve appears at ₹ 1,20,000 in the Balance Sheet as at 31st March, 2018 and Workmen Compensation Claim is estimated at ₹ 1,50,000. Pass journal entries for the accounting treatment of Workmen Compensation Reserve.
Answer» N: Journal SR. No. Particulars Debit Its. Credit Rs. (i) Workmen Compensation Reserve A/c DR. 1,20,000 Revaluation A/c Dr. 30,000 To Provision for W.C. Claim A/c 1,50,000 (Being provision CREATED and shortfall charged to Revaluation account) (II) X's Capital A/c Dr. 15,000 Y's Capital A/c Dr. 9,000 Z's Capital A/c Dr. 6,000 To Revaluation A/c 30,000 (Being loss on revaluation transferred to Partner's Capital account)

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