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Partnership accounts

Accounting Entries 588 views 6 replies
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Student
235 Points Posted on 28 January 2014

Hi All,

I have a doubt in Realization account. Is Workmen Compensation Reserve transferred to credit of Realization account? I have come across a sum where the same has not been transfered,whereas Machinery Replacement Reserve has been transfereed.

Is it because Workmen Compensation Reserve is not an outsiders liability? And what about Machinery Replacement Reserve?

Please help! I am learning by self study and need clarity on this matter.

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On 28 January 2014 at 23:22 Report
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student
57 Points Posted on 29 January 2014
if no libiality arises on a/c of wcr dan it is trnsfrd to owners a/c but if any liab. hs arised dan amt upto liab. wud b trnsfrd to realz a/c n balance to ownres a/c
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On 29 January 2014 at 01:23
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student
238 Points Posted on 29 January 2014
yes agree with mr.mahesh
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On 29 January 2014 at 15:49
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CA Final Student B.Com
1067 Points Posted on 29 January 2014

Yeaa,,,,,,,agreed with Shubham........

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On 29 January 2014 at 21:18
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Student
235 Points Posted on 29 January 2014
This problem is from Dissolution of Partnership chapter of Advanced Accounts,IPCC.In that sum,all external liabilities such as creditors,Bills payable etc have been transferred to credit of Realization account but WCR has not been transferred. My question is why?
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On 29 January 2014 at 23:50
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Freelance
168 Points Posted on 30 January 2014
Because its not an outside liability. Rather it belongs to the owners ( shareholders)
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On 30 January 2014 at 02:30
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student
36 Points Posted on 30 January 2014
And what about machinery replacement reserve???
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On 30 January 2014 at 06:20


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