Question : Workmen Compensation Reserve stood at Rs.1,50,000 in the Balance Sheet and Liability in respect of it was ascertained at Rs.2,00,000. The realization account will be credited by
Option 1: Rs 2,00,000
Option 2: Rs 1,50,000
Option 3: Rs 50,000
Option 4: None of the above
Correct Answer: Rs 1,50,000
Solution : Answer = Rs 1,50,000 Workmen compensation reserve a/c.....Dr 1,50,000 To Realisation a/c......1,50,000 Hence, the correct option is 2.
Question : Workmen Compensation Reserve stood at Rs.1,50,000 in the Balance Sheet and liability in respect of it was ascertained at Rs.2,00,000. The realization account will be debited by ____________.
Question : An unrecorded asset was valued at Rs 2,00,000. On firm's dissolution. It was sold for Rs 125%. The realization account will be credited with
Option 2: Rs 2,50,000
Option 3: Rs 1,50,000
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