Practicing Success
A firm's balance sheet shows the following: Workmen Compensation Reserve ₹70,000 State the journal entry to be passed at the time of Reconstitution of firm. |
Workmen Compensation Reserve A/c Dr. ₹70,000 Workmen Compensation Reserve A/c Dr. ₹90,000 Workmen Compensation Reserve A/c Dr. ₹70,000 Workmen Compensation Reserve A/c Dr. ₹70,000 |
Workmen Compensation Reserve A/c Dr. ₹70,000 |
The correct answer is Option (1) - Reserve = ₹90000 |