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CBSE Class 12-commerce Answered

In retirement of partner que no 44 and 46 there is adjustment (e) in both the question about workman compensation but in the question there adjustment is different in que 44 this one is not taking in revaluation A/c and in que 46 workman compensation is taking in revaluation a/c WHY?
Asked by Smitakhadayate20 | 12 Aug, 2018, 11:05: PM
answered-by-expert Expert Answer
In both the questions mentioned above, Q 44 and 46 of TS Grewal Problems, even though adjustments specified are similar but accounting treatment is based on current position of the organisation. As per Q 44, firm already had Workmen compensation Reserve for Rs 12,000 and there is no need to create additional liability of Rs 750, rather keeping Rs 750 aside remaining amount of Rs 11,250 would be diistributed to the partners.
However, in Q 46, the firm had no such reserves due to which additional liability has been raised through Revaluation Account. 
Answered by | 13 Aug, 2018, 10:17: AM

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