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A, B and C who are presentlysharingprofitsin theratio of 5:3:2. decide to share future profitsand losses in the ratio of 2:3:5. Give theJournal entryto distribute Workmen CompensationReseve of ₹ 1,20,000 at thetimeof change in profits-sharingratio, when:
(i) no informationis given
(ii)there is no claim against it.

Class 12 Accounts in Class 12 3 years ago

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Answer :In both CASE; Dr. WORKMEN Compensation RESERVE A/c - ₹ 1,20,000; Cr. A's Capital A/c - ₹ 60,000 B's Capital A/c- ₹ 36,000 andC'sCapitalA/c - ₹24,000
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Posted on 04 Dec 2021, this text provides information on Class 12 related to Accounts in Class 12. Please note that while accuracy is prioritized, the data presented might not be entirely correct or up-to-date. This information is offered for general knowledge and informational purposes only, and should not be considered as a substitute for professional advice.

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